Trump Nominates Scott Bessent as Treasury Secretary to Cut Budget Deficit to 3%, Boost GDP Growth to 3%, Increase Oil Production by 3 Million BPD

Jan 7, 2025, 11:04 PM

Scott Bessent has been nominated by President Donald Trump to serve as Secretary of the U.S. Treasury. Bessent, known for his expertise in fiscal policy, aims to implement a '3-3-3' economic plan that targets a budget deficit reduction to 3% of GDP, an increase in real GDP growth to 3%, and a boost in U.S. oil production by 3 million barrels per day. His nomination has garnered support from various political figures, including Senator John Cornyn, who expressed confidence in Bessent's ability to strengthen America's fiscal policy and manage national debt. Analysts have noted that Bessent's strategy may also involve a focus on tariffs and inflation moderation, with implications for international relations, particularly regarding China's economic policies.