Treasury Secretary nominee Scott Bessent says Trump tax cuts should not expire

WASHINGTON (NEXSTAR) - The Senate Finance Committee grilled President-elect Donald Trump's choice for Treasury Secretary Thursday.

Scott Bessent, a South Carolina billionaire hedge fund manager, wasted no time getting to the crux of his confirmation hearing: the expiring Trump tax cuts.

"This is the single most important economic issue of the day," Bessent told the committee.

Bessent warned if Congress does not extend the tax cuts, the middle class would see a major tax increase.

"As always with financial instability, that falls on the middle and working class people," he said.

Democrats, including U.S. Sen. Michael Bennet (D-Colo.) argued everyday Americans never felt the benefits of the cuts anyway.

"The distribution of it was deeply, deeply, deeply unfair," Bennet said. "While the benefit went to the richest people in America, the cost is being borne by the children of working people."

Democrats also questioned Bessent about Trump's tariff threats against Canada, Mexico, China and Europe.

"It clobbers people of modest means," said U.S. Sen. Ron Wyden (D-Ore.).

Wyden said workers and small businesses would have to pay more taxes.

"All through the campaign, we heard they weren't, that foreign countries were going to pay it. I think that's bologna!," Wyden said.

Bessent disagreed, saying foreign countries "will continue cutting prices to maintain market share."

Democrats also accused Bessent of avoiding paying roughly $1 million in taxes related to his hedge fund. Bessent told the committee it's a lower number, and the matter is currently in litigation.

"If confirmed, I've agreed to shutter my firm," Bessent said.

Republicans signaled they're ready to support his confirmation.