The U.S. Senate confirmed Scott Bessent as Treasury Secretary in President Donald Trump’s administration.  Bessent will play a central role in Trump’s economic agenda, focusing on tax policy and managing the nation’s debt and deficit. The U.S. government has spent over $700 billion more than it has collected in the 2024 fiscal year. The national debt has exceeded $36 trillion. Bessent has backed gradual tariffs, which may gain prominence as Trump threatens new levies. He also supports extending the Tax Cuts and Jobs Act, set to expire at the end of 2025 and opposes raising taxes on high-income earners.