US treasury secretary nominee Bessent is speaking at the US confirmation hearing and says:
- US government has significant spending problem
- Will revive the American economy through progrowth regulatory policies, reducing taxes, unleashing American energy.
- If Trump 2017 tax cuts are not renewed, US will face economic calamity
- We will see a gigantic middle-class tax increases tax cuts are not extended.
- Power of trumps 2017 tax cuts was apparent in 2018 and 2019 before they were interrupted by Covid 19.
- Will commit to keep IRS direct filing system running for this tax year, but study a further..
- Disagrees that tariffs will be paid for by workers and small businesses
- US clean energy spending is wildly out of control on the upside
- We don't have a revenue problem in the US we have a spending problem
- Chinese economy is most unbalanced economy in the history of the world.
- Reaffirms Trumps pledge not to make cuts to Social Security and Medicare.
- Need to get short-term fiscal position in order before considering asset plans such as sovereign wealth fund.
- Inclined to support restoration of hundred percent research and development tax credit for businesses.
- Inflation will be closer to Fed's 2% target than we have been in the past few years.
- From policies will provide aggregate return to prior inflation rates.
- Th Federal Reserve should remain independent.
- Sees no reason for Central Bank digital currency
- If Trump wants to eliminate debt limit, he will work with Congress on the issue
