Treasury Nominee Faces Senate Scrutiny Ahead of Confirmation

Scott Bessent, nominee for US Treasury Secretary, faced questioning from Senate Democrats over tax policies, debt implications of the 2017 tax cuts, and IRS programs. Democrats criticized the proposed tax cuts for benefiting the wealthy and exacerbating national debt. Bessent defended his record, advocating for economic growth through prudent fiscal policies.

Scott Bessent, nominated as US Treasury Secretary, appeared before the Senate Finance Committee, facing tough questions from Democrats on tax policy and national debt. Bessent expressed a vision for a new economic golden age under President Trump but faced criticism on the potential socioeconomic impact.

Introduced by Republican Sen. Lindsey Graham, Bessent encountered skepticism from Democrats, including Sen. Ron Wyden, over benefits of extending 2017 tax cuts, noting concerns over national debt surging past USD 36 trillion. Despite having previously supported Democratic causes, Bessent is committed to the administration's current fiscal policies.

Bessent faced accusations of tax avoidance, with Democrats alleging that he evaded approximately USD 1 million in taxes through his hedge fund. Amid these challenges, Bessent supports maintaining the IRS' Direct File program and emphasized the need to prioritize productive investment over wasteful spending to stimulate economy growth.

(With inputs from agencies.)