Taxes and tariffs took center stage Thursday at the Senate Finance Committee’s confirmation hearing for President-elect Donald Trump’s intended Treasury secretary nominee, Scott Bessent.
Republicans and Democrats sparred over who would benefit most from extending more than $4 trillion in tax cuts enacted during the first Trump administration. Bessent warned of “devastating” consequences if they are allowed to expire at the end of the year.
The hearing is the opening salvo in a debate about the fiscal health of the country that is likely to dominate this year, as Republicans pursue extending the tax cuts using the filibuster-proof budget reconciliation process, offsetting some of the cost with spending cuts. The two parties have long debated the impact of the 2017 law, and old arguments are resurfacing as the GOP pursues a party-line extension of expiring provisions.
