Bessent Defends Trump Budget, Faces Sharp Senate Questioning On Economy, IRS
By CU Today Staff —
WASHINGTON—Treasury Secretary Scott Bessent faced sharp questioning before the Senate Finance Committee on Wednesday as lawmakers examined the Trump Administration’s FY 2027 budget request for the Treasury Department, with senators pressing him on inflation, tax policy, IRS oversight and broader economic issues. The hearing was held by the Senate Finance Committee and focused on Treasury’s proposed budget and economic priorities.
During the hearing, Bessent defended the Administration’s economic policies and argued that recent inflation pressures tied to geopolitical events, including disruptions linked to the Iran conflict, would prove temporary. According to reports, Bessent told lawmakers he expects the recent inflation spike to be a “short-term blip” and maintained that underlying economic conditions remain strong.
Democrats also used the hearing to question Bessent over IRS oversight and a controversial settlement involving former President Donald Trump. Bessent declined to directly answer whether Trump and his family would continue to receive protection from IRS audits, drawing criticism from Senate Finance Committee Ranking Member Ron Wyden (D-OR) and other Democrats.
The hearing also featured several heated exchanges, including a confrontation between Bessent and Wyden over the Treasury Department’s handling of records tied to convicted sex offender Jeffrey Epstein. Bessent accused Wyden of ignoring his son’s past interactions with Epstein, while Wyden charged Treasury with failing to fully cooperate with congressional inquiries, underscoring the increasingly partisan tone of the budget hearing.
Originally reported by CU Today.