#Treasury Secretary Nominee Warns of Economic Crisis#

U.S. Treasury Secretary nominee Scott Bessent warned at a Senate hearing that the U.S. would face an economic crisis that would severely damage the middle class and working families if the bulk of the 2017 Republican tax cuts are not extended after their expiration at the end of this year. He pointed out that discretionary spending, excluding benefits such as Social Security and Medicare, has grown by a staggering 40% over the past four years, and that the U.S. needs to "restore fiscal order" by adjusting domestic discretionary spending. Bessent also stressed the importance of addressing the budget deficit, stating that under his stewardship, the federal government's debt "will not default." At the same time, he respected the independence of the Federal Reserve in monetary policy and supported expanding sanctions against Russian oil companies. Bessent's comments suggest that the U.S. economy faces pressures from the budget deficit and the expiration of the tax cuts, and he will take steps to address these issues while upholding the independence of the Federal Reserve.