Scott Bessent named as Trump's pick for treasury secretary

Scott Bessent has been selected by President-elect Donald Trump to be the next treasury secretary. Bessent, a billionaire from South Carolina, previously supported Democratic causes and worked for George Soros before backing Trump. Bessent advocates for deficit reduction and supports extending tax cuts from Trump's first term. He emphasizes the need for spending cuts to offset the costs of these tax cuts, which could add significantly to the federal deficit. If confirmed, Bessent would be the first openly gay treasury secretary and the first openly LGBTQ cabinet member confirmed by a Republican administration.