#Treasury Secretary Nominee Warns of Deficit Risks#

U.S. Treasury Secretary nominee Scott Bessent warned at a Senate hearing that the country faces an economic crisis that could devastate the middle class and working families if major parts of the 2017 Republican tax cuts are not extended beyond their end-of-year expiration. He argued that the budget deficit is a serious problem and that fiscal order must be restored through adjustments to discretionary domestic spending. He pointed out that discretionary spending, which excludes entitlement programs such as Social Security and Medicare, has increased a staggering 40% in the past four years. Bessent also stated that under his leadership, the federal government's debt "will not default," and that he respects the Federal Reserve's independence in monetary policy and supports expanding sanctions on Russian oil companies.