It’s another tenuous moment for the U.S. economy, and Senate Finance Committee members this morning will question one of the most influential figures in the Trump Administration: Treasury Secretary Scott Bessent.
As costs for most Americans continue to rise and the Iran war grinds on, the government’s top finance official will make a pitch for President Donald Trump’s tax cuts and tariff regime.
News: Bessent will open his visit to the Hill by touting the benefits of the One Big Beautiful Bill, Trump Accounts meant to help save money for their children, deregulation efforts and Trump’s trade wars, according to a copy of his written testimony we reviewed.
“Separately, any one of our initiatives on tariffs, tax cuts and deregulation would be substantial,” Bessent will say. “Taken together, they are transformative.”
Bessent’s mention of tariffs, in particular, is notable. Many GOP lawmakers still don’t like tariffs.
The Dem approach. Senate Democrats said Tuesday they’ll push issues such as the mounting affordability crisis and trade wars with Bessent.
Sen. Ron Wyden (Ore.), Finance’s top Democrat, said he plans to bring up cost-of-living challenges his constituents face back home and Trump’s $1.8 billion “anti-weaponization fund.”
“Obviously, this whole slush fund is just dripping with corruption,” Wyden said.
Acting Attorney General Todd Blanche said Tuesday the administration won’t move forward with the fund. But the whole settlement will still be on deck for Democrats, including Trump’s immunity from IRS audits.
Artificial intelligence is also on the docket. Sen. Mark Warner (D-Va.) signaled Tuesday night in a letter that he plans to bring up Bessent’s role in the use and deployment of the technology within the financial services sector.
