“The Senate approved Scott Bessent as Minister of Finance Sascott, Bessent, became the new Minister of Finance of the United States, receiving 68 votes in the Senate. Its economic plan involves reducing budget deficits, GDP growth and increasing oil production.”, – Write On: Unn.ua
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It is noted that Bessent became the fifth candidate of President Donald Trump, approved by the Senate, with support from both sides of the party line.
As the Minister of Finance, Bessent will play an important role in the implementation of the economic agenda of Trump. In particular, the Congress under the leadership of the Republican Party is working on the continuation of the 2017 tax benefits, which expires at the end of the year, and also resolves the issue of public debt ceiling
According to CNN, this occurs on the background of stable economic growth of the United States and low unemployment – 4.1%, although inflation is still exceeding the target indicator of the federal reserve system by 2%.
A stable US economy is slightly facilitating the work of Bessent. Its economic plan “3-3-3” includes a decline in federal budget deficits up to 3%, reaching 3% of GDP and production of 3 million barrels of oil a day more by the end of Trump’s second term
President Trump also emphasized his desire to set tariffs for US major trading partners, including China, Canada and Mexico, this week. Experts warn that this can cause inflation, as US consumers will have to pay for rising prices.
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