President Trump’s Secretary of the Treasury nominee, Scott Bessent, has been confirmed by a vote of 68-29. Bessent succeeds Janet Yellen, who has headed the Treasury since January 2021. Bessent has stated he supports raising the debt limit, while President Trump wants the limit abolished. As Treasury Secretary, he’ll play a central role in shaping fiscal policy, overseeing the IRS, and managing economic relationships with allies and adversaries. Bessent has also stated that failing to renew the Tax Cuts and Jobs Act (TCJA) could lead to “economic calamity.” If not renewed, many provisions in the TCJA will expire after 2025.
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