Trump nominates Bessent for Treasury Secretary and Vought for budget chief

President-elect Donald Trump has nominated Scott Bessent as Treasury Secretary and Russel Vought to lead the Office of Management and Budget. Bessent, a hedge fund manager, supports deficit reduction and could gain bipartisan backing. Vought previously held the budget position during Trump's first term. Bessent, if confirmed, would be the first openly gay Treasury Secretary. He aims to address the national debt, which currently stands at $35.94 trillion, while also supporting extensions of tax cuts from 2017. Vought's budget proposals include significant spending cuts across various government departments. Both nominations reflect Trump's focus on financial leadership for his upcoming administration. Vought's past experience and Bessent's Wall Street ties suggest a blend of conservative fiscal policies and potential bipartisan appeal.