#Treasury Secretary Nominee Discusses Budget Deficit#
Hot Topic Overview
Overview
President Biden’s nominee for Treasury Secretary, Scott Bessent, told the Senate on Tuesday that the country faces a “grave” budget deficit problem that, if left unaddressed, could trigger an economic crisis for middle-class and working families when much of the 2017 Republican tax cuts expire at the end of the year. He underscored the importance of addressing the budget deficit, saying he would seek to “restore fiscal order” by reining in non-essential domestic spending. He also said he would ensure that the federal government would “never default” on its debt under his watch and that he would respect the independence of the Federal Reserve in setting monetary policy. Additionally, he expressed support for expanding sanctions on Russian oil companies.
Ace Hot Topic Analysis
Analysis
Treasury Secretary nominee Scott Bessent expressed concern about the budget deficit during his Senate confirmation hearing, emphasizing the need to address the issue. He noted that the U.S. faces an economic crisis that would severely impact middle-class and working-class families if the bulk of the 2017 Republican tax cuts are not extended beyond their year-end expiration. He believes that the U.S. needs to “restore fiscal order” through adjustments to domestic discretionary spending, pointing out that such spending, excluding entitlements like Social Security and Medicare, has increased by a staggering 40% over the past four years. Additionally, he stressed the importance of respecting the Federal Reserve’s independence in monetary policy, stating that under his stewardship, the federal government's debt "will not default." Bessent also expressed support for expanding sanctions on Russian oil companies.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
The US budget deficit problem is serious and needs to be addressed by adjusting domestic non-essential spending to restore fiscal order.
If most of the provisions of the 2017 Republican tax cuts are not extended beyond this year, the US will face an economic crisis that will severely impact the middle class and working class.
The US Treasury will not default.
Respect the Fed's independence in monetary policy.