OAN Staff Abril Elfi
6:00 PM – Monday, January 27, 2025
The United States Senate has voted to officially confirm Scott Bessent as the new secretary of the Treasury.
On Monday, Bessent was confirmed after a 68-29 vote — with all Republicans voting “Yea,” joined by 16 Democrats.
Bessent is set to be the 79th Treasury secretary and he will play a pivotal role in advancing President Trump’s economic agenda, including shaping tax policy.
The federal deficit for the 2025 fiscal year has reached approximately $711 billion, according to the Treasury’s fiscal data, while the national debt has surged to over $36.2 trillion.
Bessent has expressed support for gradual tariffs, an issue likely to gain renewed attention as President Trump considers imposing new levies.
On Sunday, on social media, Trump also announced plans to implement a 25% tariff on goods imported from Colombia, with similar measures against China, Canada, and Mexico on the table. However, Trump’s Colombia tariffs plan was later put on hold after the Colombian president finally agreed to the “unrestricted acceptance of deported migrants,” the White House announced. Initially, the Colombian president refused to accept U.S. military flights carrying deportees from Colombia before Trump stepped in and threatened the high tariffs.
Another key issue on Bessent’s agenda will be the Tax Cuts and Jobs Act (TCJA) of 2018.
Several provisions of the TCJA are set to expire at the end of 2025, requiring Congressional action to extend them. During his testimony before the Senate Finance Committee earlier this month, Bessent emphasized his commitment to extending the TCJA.
“The U.S. is not going to default on its debt if I’m confirmed,” he said.
When nominating Bessent, Trump stated that he would be working to reinforce the U.S. Dollar and trim national debt.
“Scott will support my policies that will drive U.S. competitiveness, and stop unfair trade imbalances, work to create an economy that places growth at the forefront, especially through our coming world energy dominance,” he wrote.
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