
Scott Bessent confirmed as treasury secretary, giving him a key role in extending Trump’s tax cuts
The HinduThe U.S. Senate confirmed billionaire investor Scott Bessent on Monday to serve as President Donald Trump's treasury secretary, giving him the delicate balancing act of cutting taxes and curbing deficits while putting forward a plan on tariffs that doesn't jeopardize growth. He has said the U.S. faces economic calamity if Congress does not renew key provisions of Mr. Trump’s Tax Cuts and Jobs Act that are set to expire Dec. 31, 2025. After Mr. Bessent was confirmed, Republican Senator Mike Crapo of Idaho, chair of the Senate Finance Committee, said approving Bessent was “one of the easiest votes we could ever take.” However, he faced pushback from Democrats on unpaid tax liabilities. “While I disagree with many of his policy positions, particularly his support for extending tax cuts for the wealthy and President Trump’s tariff threats, I hope that he will focus the Treasury Department on bringing down costs for middle-class Americans,” Mr. Coons said in a statement, adding that he supports Mr. Bessent's commitment to continue U.S. investment in international financial institutions such as the World Bank and the International Monetary Fund.
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