Trump nominates Scott Bessent for treasury secretary, focusing on deficit reduction and tax cuts

President-elect Donald Trump has selected Scott Bessent as his nominee for treasury secretary. Bessent, a money manager and former Democratic donor, supports deficit reduction and extending tax cuts from Trump's first term. Bessent previously worked for George Soros and played a key role in his investment strategies. He advocates for spending cuts to offset the costs of tax extensions, emphasizing the need to address national debt. If confirmed, Bessent would be the first openly LGBTQ cabinet member in a Republican administration. He has expressed views on tariffs, suggesting they can serve as economic sanctions and support foreign policy goals.