Scott Bessent faces urgent challenges as Trump’s Treasury Secretary nominee

Scott Bessent has been nominated as Treasury Secretary by President-elect Donald Trump. He will need to implement Trump's economic policies, including tax cuts and tariffs, while managing the national debt and navigating potential trade tensions. Bessent faces immediate challenges, such as raising the debt ceiling, which is set to expire in January. The new administration will need to negotiate with Congress to avoid defaulting on government obligations. Trump's budget, expected in early 2025, will focus on tax relief and spending cuts. However, analysts warn that his plans could significantly increase the national debt, which currently stands at nearly 100% of GDP.