Senate slated to vote on South Carolina billionaire hedge fund executive to lead US Treasury
The Senate is set to vote on Monday afternoon to confirm President Donald Trump’s nominee for Treasury Secretary, Scott Bessent. Bessent’s nomination was advanced by a 67-23 margin on Saturday, and his confirmation is anticipated on Monday.
During his confirmation hearing before the Senate Finance Committee, Bessent advocated for the extension of the 2017 Tax Cuts and Jobs Act, which was approved during Trump’s first term. Describing it as the “single most important economic issue of the day,” Bessent emphasized the potential economic calamity if the tax cuts are not renewed.
“If we do not renew an extension, then we will be facing an economic calamity,” Bessent stated. “And, as always, with financial instability, that falls on the middle and working class.”
Bessent warned of a significant increase in taxes for the middle class if the tax cuts expire. Many of the provisions of the 2017 Tax Cuts and Jobs Act are set to expire in 2025, with predictions of a tax hike of over $1,500 for millions of Americans in 2026 if the cuts are not extended.
Critics of Trump’s tax plan, including Democratic lawmakers like Sen. Elizabeth Warren and groups like the Center for American Progress, argue that the tax cuts primarily benefited the wealthy and did not reach ordinary workers. However, Bessent expressed confidence that Trump’s administration would usher in a “golden age” of economic prosperity for all Americans.
As part of Trump’s economic plan, Bessent supports the extension of the 2017 tax cuts and the imposition of tariffs on imported goods, with tariffs ranging from 10% to 20% and potentially up to 60% for countries like China. Bessent has previously voiced support for tariffs in an op-ed for Fox News Digital.
The Treasury Department, if Bessent is confirmed, will oversee federal finances and agencies such as the IRS. Bessent’s confirmation would mark a significant step in implementing Trump’s economic agenda.
The article was written by Diana Stancy, a politics reporter with Fox News Digital covering the White House. The information provided in the article highlights the key points discussed during Bessent’s confirmation hearing and the potential impact of extending the 2017 tax cuts.
