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Scott Bessent wins Senate confirmation to become Treasury secretary

Scott Bessent was confirmed by the U.S. Senate on Monday to become the next Treasury secretary. The vote was 68 to 29, with 16 Democrats voting in favor of Bessent, who has advocated for permanent tax cuts and tariffs on China in his support of President Donald Trump's "America first" agenda. Photo by Ken Cedeno/UPI
Scott Bessent was confirmed by the U.S. Senate on Monday to become the next Treasury secretary. The vote was 68 to 29, with 16 Democrats voting in favor of Bessent, who has advocated for permanent tax cuts and tariffs on China in his support of President Donald Trump's "America first" agenda. Photo by Ken Cedeno/UPI | License Photo

Jan. 27 (UPI) -- The U.S. Senate confirmed billionaire investor Scott Bessent on Monday to become the next Treasury secretary and enact the Trump administration's economic agenda of tax cuts and tariffs.

The vote to approve Bessent's nomination was 68 to 29, with 16 Democrats -- including Sen. John Fetterman, Sen. Maria Cantwell and Sen. Cory Booker -- voting in favor of the confirmation. Three Democrats did not vote.

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Bessent, 62, who was called an "example of the American dream in action" during remarks Monday from the Senate floor, is the founder of hedge fund Key Square Capital Management and previously served as chief investment officer at Soros Fund Management, which was started by Democratic donor George Soros.

"He brings a wealth of private sector experience in the economy and markets to his new role, as well as the concern for the needs of working Americans," Senate Majority Leader John Thune, R-S.D., said.

"At the top of the Republican agenda is extending tax relief to help our economy and the American people thrive," Thune added. "I deeply appreciate the fact that Mr. Bessent shares that commitment."

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House Republicans are at a retreat this week with President Trump in Florida, where discussions are expected to focus on renewing the tax cuts from Trump's first term.

Bessent, who is the first openly gay cabinet member in a Republican administration, has called the 2017 tax cuts -- which are scheduled to expire this year -- the "single most important economic issue of the day." He said the problem with the federal budget is its spending, not its revenues.

"This is a pass-fail," Bessent warned during his confirmation hearing earlier this month. "If we do not fix these tax cuts, if we do not renew and extend them, then we will be facing an economic calamity."

Bessent outlined his "3-3-3" economic plan, which he said would bring the federal budget deficit down to 3%, achieve 3% GDP and produce 3 million more barrels of oil a day in the next four years.

Bessent also expressed support for tariffs on Chinese-made goods sold in the United States.

"Free trade must also be balanced against fair trade, and clearly what has happened is the trade has not been fair," Bessent said. "China is the most unbalanced economy in the world" and they are "attempting to export their way out of that."

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Bessent is a strong supporter of Trump's America First agenda to include deregulation, increased energy production and reduced taxes.

Bessent also promised to support more sanctions against Russia in its war with Ukraine.

"If President Trump requests sanctions as part of his strategy to end the Ukraine war, I will be 100% on board from taking sanctions up, especially on the Russian oil majors to levels that would bring the Russian Federation to the table."

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