Scott Bessent, nominated by U.S. President-elect Donald Trump to lead the Treasury Department, emphasized the urgency of extending the package of tax cuts from 2017 during his Senate Finance Committee confirmation hearing on Thursday. He said that failing to renew these cuts, which are set to expire at the end of the year, would lead to “an economic calamity” and a “gigantic middle class tax increase.” In his prepared remarks, Bessent also emphasized the importance of addressing the budget deficit, saying the U.S. “must work to get our fiscal house in order” by adjusting domestic discretionary spending. The debt ceiling kicked back in on January 2nd, and the Treasury is expected to begin taking special accounting measures to avoid breaching it within the coming days.
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