U.S. Senate Confirms Trump Cabinet Nominee

The U.S. Senate on Monday confirmed Scott Bessent to serve as President Trump’s treasury secretary.

Bessent secured the nomination in a 68-29 vote, with 16 Democrats voting in favor of the billionaire investor.

BREAKING: Scott Bessent has just been confirmed as the NEW Secretary of the Treasury. The final vote was 68 – 29 to confirm.

Congratulations Scott! pic.twitter.com/zUWHRlcX9q

— Charlie Kirk (@charliekirk11) January 27, 2025

From the Associated Press:

He has said the U.S. faces economic calamity if Congress does not renew key provisions of Trump’s Tax Cuts and Jobs Act that are set to expire Dec. 31, 2025. Negotiating the extension of those tax cuts will be one of his major responsibilities even as he has also pushed for 3% annual growth, significant trims to deficits and increasing domestic oil production by 3 million barrels a day.

After Bessent was confirmed, Republican Sen. Mike Crapo of Idaho, chair of the Senate Finance Committee, said approving Bessent was “one of the easiest votes we could ever take.”

Congratulations, Treasury Secretary Scott Bessent! pic.twitter.com/JJiyR3yqNq

— GOP (@GOP) January 27, 2025

WATCH:

The US Senate confirmed Scott Bessent to be President Donald Trump’s Treasury secretary, giving the billionaire hedge fund manager a central role in shaping the new administration’s policy ambitions https://t.co/09pK3fQbj0 pic.twitter.com/y1ovwVQyB0

— Reuters Business (@ReutersBiz) January 28, 2025

Per Fox News:

Bessent cautioned that a “gigantic” middle-class tax increase would occur if the tax cuts expire.

Many of the reforms included in the 2017 Tax Cuts and Jobs Act are scheduled to end in 2025. Groups like Americans for Prosperity, a grassroots network founded by the billionaire Koch Brothers, claim that millions of Americans will face a hike of more than $1,500 in taxes in 2026 if the cuts are not renewed.

But critics of Trump’s tax plan, including Democratic lawmakers like Sen. Elizabeth Warren, D-Mass., and groups like the liberal public policy institute Center for American Progress, argue the cuts only benefited the wealthy and claim the perks failed to reach ordinary workers.

However, Bessent said Trump and his administration will create a “golden age” of economic prosperity for all Americans.

“Today, I believe that President Trump has a generational opportunity to unleash a new economic golden age that will create more jobs, wealth and prosperity for all Americans,” Bessent said at his confirmation hearing.

Trump’s economic plan includes extending the 2017 tax cuts and imposing tariffs ranging from 10% to 20% on all imported goods. For countries like China, that number could go up to 60%.

This is a Guest Post from our friends over at 100 Percent Fed Up.

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