Bessent Warns of Economic Calamity over Tax Cuts

Scott Bessent, the Treasury Department nominee, emphasized the importance of extending Trump's 2017 tax cuts, which are set to expire, in order to avoid an economic crisis. He warned of a significant middle-class tax increase if the cuts are not renewed.

Scott Bessent, President-elect Donald Trump's nominee for the Treasury Department, highlighted the urgency of extending the 2017 tax cuts during his Senate Finance Committee hearing.

Bessent stated that failing to renew these cuts, set to expire at the year's end, could result in an economic disaster.

He warned lawmakers that middle-class taxpayers would face a steep increase if the cuts were not prolonged.

(With inputs from agencies.)