He said that US spending on President Joe Biden's clean energy tax credit was "wildly out of control" and that high deficits in recent years were due to a "spending problem." Asked if a 100 per cent tax credit for business research and development needed to be restored, he said his "inclination" would be to support that.
In a hearing marked by few testy exchanges, Bessent coolly fielded questions ranging from child tax credits to tariff impacts on farmers and did not stray from answers consistent with previous Republican Treasury nominees, but without contradicting Trump's policy plans.
Although some economists have said that Trump's plans to impose tariffs, cut taxes and curb immigration would be inflationary, Bessent disagreed, saying Trump's plans, including increased energy production, would lower inflation to the Fed's 2 per cent target while increasing wages.
The story "Scott Bessent backs Fed independence, dollar, sanctions on Russian oil" has 969 words across 24 sentences, which will take approximately 5 - 9 minutes for the average person to read.
Which news outlet covered this story?
The story "Scott Bessent backs Fed independence, dollar, sanctions on Russian oil" was covered 7 hours ago by Business Standard, a news publisher based in India.
How trustworthy is 'Business Standard' news outlet?
Business Standard is a fully independent (privately-owned) news outlet established in 1975 that covers mostly business and finance news.
The outlet is headquartered in India and publishes an average of 276 news stories per day.
It's most recent story was published 2 hours ago.
What do people currently think of this news story?
The sentiment for this story is currently Negative, indicating that people regard this as "bad news".
How do I report this news for inaccuracy?
You can report an inaccurate news publication to us via our contact page. Please also include the news #ID number and the URL to this story.
