#Treasury Secretary Nominee Warns of Deficit Crisis#

U.S. Treasury Secretary nominee Scott Bessent warned in a Senate hearing that the country faces an economic crisis that would devastate the middle class and working families if major parts of the 2017 Republican tax cuts are not extended beyond their expiration at the end of this year. He argued that the U.S. needs to "restore fiscal order" by adjusting domestic non-essential spending, noting that non-essential spending, excluding benefits like Social Security and Medicare, has increased by a staggering 40% over the past four years. Bessent also underscored the importance of addressing the budget deficit, saying that under his stewardship, the federal government's debt "will not default." Additionally, he expressed respect for the Federal Reserve's independence in monetary policy and voiced support for expanded sanctions against Russia's oil companies. Bessent's remarks indicate he will prioritize the long-term sustainability of the U.S. economy and take steps to address the budget deficit to avert a potential economic crisis.