The U.S. Senate confirmed Scott Bessent as Treasury secretary on Monday, granting the billionaire hedge fund manager a key role in shaping President Donald Trump’s economic policies. The vote was 68-29, with 16 Democrats supporting him.
Bessent, 62, will oversee the nation’s tax policies, $28 trillion debt market, and fiscal strategies. He advocates for Trump’s agenda of tax cuts and tariffs, arguing they’ll combat unfair trade practices and support U.S. negotiations. However, critics warn these policies could threaten progress on inflation control.
In his confirmation hearing, Bessent called renewing $4 trillion in expiring tax cuts vital for middle-class Americans and dismissed concerns that Trump’s policies would fuel inflation. He emphasized that boosting U.S. oil production would lower costs.
Bessent faces immediate challenges, including managing federal cash flows after hitting the debt limit. He pledged to avoid a default and handle rising deficits, which could balloon if tax breaks aren’t offset. Nearly 60% of federal debt is set to roll over under his watch, with new issuances exceeding $2 trillion annually since the pandemic.
Bessent criticized government spending as “out of control” but backed Trump’s vow to protect Social Security and Medicare, the largest federal expenses. He enters office amid rising bond yields and mortgage rates exceeding 7%, which strain homebuyers.
A Yale graduate raised in South Carolina, Bessent previously worked with George Soros and ran his own firm, Key Square. Married with two children, he is the highest-ranking openly gay federal official in history.
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