#Treasury Secretary Nominee Discusses Budget Deficit#

U.S. Treasury Secretary nominee Scott Bessent expressed concerns about the budget deficit during a Senate hearing, emphasizing the need to address it. He noted that the U.S. would face an economic crisis that would severely impact the middle class and working families if most provisions of the 2017 Republican tax cuts are not extended after they expire at the end of this year. He believes the U.S. needs to “restore fiscal order” by adjusting non-essential domestic spending, noting that non-essential spending, excluding entitlements like Social Security and Medicare, has “grown an alarming 40%” in the past four years. Additionally, Bessent stated that under his leadership, the federal government’s debt “will not default” and that he respects the Federal Reserve's independence on monetary policy. He supports expanding sanctions against Russian oil companies.