Scott Bessent was confirmed by the U.S. Senate as President Donald Trump’s treasury secretary in a bipartisan vote of 68 to 29, with 16 Democrats supporting the Republican nominee.
Bessent is set to handle the delicate task of balancing tax cuts, curbing deficits, and proposing tariff plans that promote growth.
The big picture: A former supporter of Democrats, Bessent has shifted his views to become a staunch Trump ally.
- His focus will be on renewing key provisions of Trump’s Tax Cuts and Jobs Act while advocating for 3% annual economic growth and deficit reduction.
Driving the news: Despite bipartisan support, Bessent faced scrutiny from Democrats over unpaid tax liabilities, particularly related to Medicare taxes.
- Democrats like Sen. Chris Coons expressed concerns over Bessent’s policy positions but acknowledged his focus on middle-class cost reduction and continued investment in international financial institutions.
Zoom in: Bessent’s duties involve advising the President on fiscal policy, managing public debt, and participating in the National Economic Council.
- He will explore the creation of an ‘External Revenue Service’ to collect tariff revenue and address the growing U.S. debt load.
- Bessent pledged to maintain the IRS’ Direct File program for the 2025 tax season, despite some Republicans considering it a redundant program.