WASHINGTON (NEXSTAR) – On Thursday, the Senate Finance Committee questioned Scott Bessent, President-elect Donald Trump’s pick for Treasury Secretary.
Bessent, a billionaire from South Carolina who manages a hedge fund, started his confirmation hearing by focusing on one key issue: the tax cuts introduced under Trump that are set to expire soon.
“This is the most important economic issue right now,” Bessent told the committee.
He warned that if Congress doesn’t extend the tax cuts, the middle class could face a big increase in taxes.
“When there’s financial instability, the middle and working class are the ones who pay the price,” he said.
Democrats, including U.S. Sen. Michael Bennet from Colorado, disagreed. Bennet argued that regular Americans never really felt the benefits of the tax cuts.
“The way the benefits were shared was very unfair,” Bennet said. “The wealthiest people in America got most of the benefits, while working-class families are the ones facing the consequences.”
Democrats also questioned Bessent about President Trump’s threats to impose tariffs on Canada, Mexico, China, and Europe. U.S. Sen. Ron Wyden from Oregon said these tariffs would hurt the people who are already struggling financially.
“People with lower incomes will suffer the most,” Wyden said.
Wyden pointed out that Trump had promised that foreign countries would pay for the tariffs, but Wyden called that idea “nonsense.”
Bessent disagreed, saying that foreign countries would still lower their prices to keep their market share.
There were also concerns raised about Bessent’s finances. Democrats accused him of avoiding around $1 million in taxes related to his hedge fund. Bessent explained that the number was lower, and the issue is still being worked out in court.
“If I’m confirmed, I’ve promised to close down my firm,” Bessent said.
Republicans in the Senate seemed ready to support his confirmation despite these concerns.
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Archer Bannister is a journalist with 4 years of experience covering hard-hitting stories. Currently working with Mikeandjonpodcast, Archer specializes in delivering timely and in-depth updates on a variety of topics, including crime news, politics, and national issues affecting the USA. His expertise and dedication to delivering accurate, impactful news make him a trusted voice for audiences seeking to stay informed on critical topics.
