Trump nominates Scott Bessent as Treasury secretary, aims for deficit reduction

President-elect Donald Trump has nominated Scott Bessent, a former money manager for George Soros, as his treasury secretary. Bessent is known for advocating deficit reduction and has founded Key Square Capital Management. Trump also plans to nominate Russel Vought to lead the Office of Management and Budget, a role Vought previously held. If confirmed, Bessent would be the first openly gay treasury secretary in U.S. history. Bessent has expressed concerns about the national debt and supports cutting government spending to address it.