#Treasury Secretary Nominee Discusses Budget Deficit#

Treasury Secretary nominee Scott Bessent expressed concern over the budget deficit at a Senate hearing, emphasizing the need to address it. He pointed out that the U.S. would face an economic crisis that would hit middle-class and working-class Americans hard if much of the 2017 Republican tax cuts were not extended beyond their expiration date at the end of the year. He argued that the U.S. needs to “restore fiscal order” by adjusting non-essential domestic spending, noting that non-essential spending, excluding programs like Social Security and Medicare, had increased an alarming 40% over the past four years. He also expressed support for expanding sanctions against Russian oil companies and stressed the importance of respecting the Federal Reserve's independence in monetary policy. Bessent's remarks suggest that he will prioritize tackling the budget deficit and taking steps to control government spending to avoid an economic crisis.