Scott Bessent, President-elect Donald Trump's nominee for Treasury Secretary, has been confirmed by the Senate. Bessent, who will be the first openly gay individual to serve in the role, faces the challenge of balancing tax cuts, deficit reduction, and a trade policy that promotes both economic growth and addresses concerns about unfair trade practices.
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Scott Bessent, President-elect Donald Trump's choice to be Secretary of the Treasury, poses for a photo with Cabinet picks, other nominees and appointments, at the National Gallery of Art in Washington, Saturday, Jan. 18, 2025. Scott Bessent, President-elect Donald Trump's choice to be Secretary of the Treasury, appears before the Senate Finance Committee for his confirmation hearing, at the Capitol in Washington, Thursday, Jan. 16, 2025.
He has said the U.S. faces economic calamity if Congress does not renew key provisions of Trump’s Tax Cuts and Jobs Act that are set to expire Dec. 31, 2025. Negotiating the extension of those tax cuts will be one of his major responsibilities even as he has also pushed for 3% annual growth, significant trims to deficits and increasing domestic oil production by 3 million barrels a day.on a 16-11 bipartisan vote. After Bessent was confirmed, Senate Finance Committee Chair Sen.
In addition, Bessent faces a mounting and record U.S. debt load. Before leaving office, former Treasury Secretary Janet Yellen warnedIRS’ Direct File program
SCOTT BESSENT TREASURY SECRETARY DONALD TRUMP SENATE CONFIRMATION ECONOMIC POLICY TARIFFS
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Scott Bessent Confirmed as Treasury SecretaryScott Bessent has been confirmed by the Senate as President Donald Trump's Treasury Secretary. Bessent faces the challenge of balancing tax cuts, deficit reduction, and tariff policies while aiming for 3% annual growth. He is the first openly gay individual to hold this position and will play a key role in advising on fiscal policy and managing the public debt.
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Senate to vote on Scott Bessent's confirmation as Treasury secretary Monday eveningThe senate plans to vote on the confirmation of Scott Bessent as treasury secretary on Monday evening.
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