Live updates on Trump’s Cabinet confirmation hearings: Scott Bessent issues dire tax warning for Americans

Sarah Ewall-Wice, Senior U.S. Political Reporter:

Treasury secretary nominee Scott Bessent issues a stark warning if Congress does not extend expiring provisions of the 2017 Trump tax law.

If we do not renew and extend, then we will be facing an economic calamity, and as always with financial instability, that falls on the middle and working class people.”

He made the statement during questioning by Senate Finance Committee Chair Mike Crapo (R-Idaho).

Jon Michael Raasch, U.S. Political Reporter on Capitol Hill for DailyMail.com

Donald Trump has sent shockwaves through D.C. after a top House Republican charged with overseeing the CIA and FBI was dramatically replaced.

Speaker Mike Johnson stunned lawmakers Wednesday when he announced that he is replacing House Intelligence Committee Chairman Mike Turner.

Turner, 65, who served as the committee’s chair since January 2023, was accused by Trump loyalists in the Freedom Caucus of having a ‘sycophantic’ relationship with members of the CIA and FBI.

While Johnson claimed that Trump had no direct role in Turner’s knifing, sources claimed that the president-elect personally intervened.

Trump has vowed to ‘drain the swamp’ and is expected to target the intelligence services which he believes have worked to keep him out of the White House as part of a ‘Deep State’ operation.

As part of his MAGA overhaul, Trump has tapped Tulsi Gabbard to become the new director of National Intelligence and Kash Patel to lead the FBI.

Both nominations have sparked a backlash from the establishment over comments that Gabbard and Patel have made about their opposition to the ‘Deep State.’

The confirmation hearing for Trump’s treasury secretary pick Scott Bessent has adjourned.

Republicans on the Senate Finance Committee praised him for his humble start and experience.

Many signaled their support for his confirmation as Bessent was already expected to be one of Trump’s more likely nominees to quickly get through confirmation process successfully.

While Democrats pressed him on tax policy and slammed Trump for a series of proposals including tariffs and tax cuts for the wealthy, the hearing with Bessent remained cordial as he met with mutliple members of both parties privately since being named Trump’s nominee.

Jon Michael Raasch, U.S. Political Reporter on Capitol Hill for DailyMail.com

For months since Donald Trump revealed Rubio was his selection to lead the State Department there had been an open question as to who would be thrust into the vacating role.

Early speculation indicated that the president-elect’s daughter-in-law Lara Trump, who recently co-chaired the Republican National Committee during the party’s successful presidential cycle.

That was until she announced she was no longer seeking the Senate seat just before Christmas.

DeSantis, who ran against the 78-year-old incoming president for a time, opted to choose a high-ranking Florida official who he has worked with for years instead.

Florida Attorney General Ashely Moody, 49, who was first elected to the position in 2019, will fill the Senate seat, DeSantis said at the press conference Thursday.

‘She has stood strong, time and time again,’ DeSantis said of the AG, before noting her litigation record.

The Florida governor noted how Moody ‘took on Jack Smith for his politically motivated persecution of the former president’ and how she ‘fought back against the rogue Attorney General of New York for her politicizing justice.’

Sarah Ewall-Wice, Senior U.S. Political Reporter:

Senator Bernie Sanders (I-VT) asked Trump’s nominee for Treasury Secretary if he agrees with President Biden that an oligarchy is taking shape in America.

It comes after the outgoing Democratic president delivered a warning during his farewell address Wednesday night.

‘Today, an oligarchy is taking shape in America of extreme wealth, power, and influence that really threatens our entire democracy, our basic rights and freedom, and a fair shot for everyone to get ahead,’ Biden said.

‘I agree with him,’ Sanders said during the confirmation hearing. ‘Do you?’ he asked Bessent.

But Trump’s treasury secretary nominee sidestepped giving an answer.

He pointed out that the tech billionaires Sanders mentioned in his question like Elon Musk and Jeff Bezos, made their money themselves.

Sanders said that was not his question.

‘What Biden said last night is we’re moving toward an oligarchy. I’m asking you that question. Do you think – forget how they made their money – do you think that when so few people have so much wealth and so much economic and political power, that that is an oligarchy form of society?’ Sanders asked.

‘Well I would note that the President Biden gave the Presidential Medal of Freedom to two people who I think would qualify for his oligarchs,’ Bessent said.

Sanders said it was ‘not a condemnation of any one individual’ but whether he thinks when few people have so much wealth and power if it is an oligarchic form of society.

‘Senator, I think it depends on the ability to move up and down the income,’ Bessent said before he was cut off.

‘No that’s not really the answer,’ Sanders shot back before moving on to another question.

Sarah Ewall-Wice, Senior U.S. Political Reporter:

In response to Senator Bernie Sanders (I-VT), Bessent said he does not support raising the federal minimum wage.

The current federal minimum wage is $7.25 an hour.

‘I believe that the minimum wage is more of a statewide and regional issue,’ Bessent said.

Sarah Ewall-Wice, Senior U.S. Political Reporter:

Senator Catherine Cortez Masto (D-NV) asked Trump’s treasury secretary pick if he still believes the Federal Reserve should be independent of the president.

‘Of course,’ Bessent responded.

He said Trump will ‘make his views known’ but also pointed out that senators do so as well.

‘I think on monetary policy decisions, the FOMC should be independent,’ Bessent said.

It comes as the Federal Reserve weights interest rate cuts after raising rates in its effort to combat inflation.

Trump vowed during the campaign that he would bring down interest rates, but the president has no direct control over rates set by the Federal Reserve.

Sarah Ewall-Wice, Senior U.S. Political Reporter:

Senator Maggie Hassan (D-N.H.) asked Bessent if there are any Trump policies he believes will increase prices.

‘Nothing I can immediately think of,’ Bessent responded.

She followed up that if Trump does propose policies Bessent does believe will increase prices for families, if he would advise against it.

“I would speak to President Trump about it. It is his decision,’ Bessent said.

He said he would not answer ‘yes or no’ to a hypothetical.

Earlier in the hearing, Bessent signaled support for Trump’s call for tariffs as Democrats raise concerns the burden will fall on American consumers.

Jon Michael Raasch, U.S. Political Reporter on Capitol Hill for DailyMail.com

While speaking about the untapped resources of the U.S., Doug Burgum provided a staggering estimate of what could be on the national ‘balance sheet.’

‘We never talked about the assets,’ he said.

He noted the hundreds of millions of acres of oil fields and other energy reserves on ‘the balance sheet of America.’

Burgum noted the resources could be worth $100 – $200 trillion, though the true cost remains unknown.

Jon Michael Raasch, U.S. Political Reporter on Capitol Hill for DailyMail.com

The second day of Pam Bondi’s confirmation hearings begins with the committee’s chairman praising the nominee.

‘Yesterday’s testimony showed that Ms. Bondi is certainly experienced and capable to serve as our nation’s chief law enforcement officer at this critical time. She is very well qualified for the position,’ chair Chuck Grassley, 91, remarked.

He also introduced the three witnesses who were invited to testify to Bondi’s character and professionalism.

All the witnesses were from Florida and included a longtime prosecutor, a sheriff and a state attorney.

Scott Bessent introduces his spouse John Freeman who is sitting behind him at the hearing on Capitol Hill as well as his two children Cole and Caroline who are both in attendance.

During his opening statement, Bessent called for extending provisions of the 2017 tax law passed during Trump’s first term.

‘I firmly believe that if confirmed and with your counsel and support, we can usher in a. New, more balanced era of prosperity that will lift up all Americans and rebuild communities and families across the country,’ Bessent said.

Sarah Ewall-Wice, Senior U.S. Political Reporter:

Democratic Senator Ron Wyden slams Trump’s pick for Treasury Secretary right out of the gate for not paying into Medicare.

‘The taxes that fund Medicare are automatic for the vast majority of Americans, straight out of every paycheck. It’s a civic duty that pays off as earned benefits down the road,’ Wyden said in his opening statement at Bessent’s confirmation hearing.

‘But like a lot of Wall Street fund managers, Mr. Bessent makes use of a tricky legal maneuver to opt out of paying into Medicare. It’s a tax loophole that hurts Medicare but benefits Mr. Bessent to the tune of hundreds of thousands of dollars each year,’ Wyden said.

Wyden pointed out that the Treasury Department has argued in court that taxpayers taking this position are violating tax law.

‘It’s an awfully big conflict of interest if Mr. Bessent is confirmed,’ the senator said.

President-elect Trump’s pick to lead the Treasury Department has arrived on Capitol Hill for his Senate confirmation hearing.

Scott Bessent is appearing before the Senate Finance Committee.

He will be introduced to South Carolina Senator Lindsey Graham.

Jon Michael Raasch, U.S. Political Reporter on Capitol Hill for DailyMail.com

Lee Zeldin, Donald Trump’s selection to lead the Environmental Protection Agency, noted in his confirmation hearing opening remarks how the environment will be protected, though not at the cost of the economy.

‘The American people made their voices heard in November, giving President Trump a mandate to lead our nation to prosperity. I am grateful that the President-elect is giving me the opportunity to lead the EPA at this critical time,’ Zeldin said.

‘We must ensure we are protecting our environment, while also protecting our economy,’ the former New York congressman continued.

Zeldin said that a large part of his EPA tenure would be about collaborating with the private sector.

The American people elected President Trump last November in part due to serious concerns about upward economic mobility and their struggle to make ends meet. Too many of our fellow Americans are trapped in poverty and desperate for a whole-of-government approach to give them a hand up. We can, and we must, protect our precious environment without suffocating the economy.

Jon Michael Raasch, U.S. Political Reporter on Capitol Hill for DailyMail.com

The top law officials from 20 states have written a letter to the Senate’s top lawmakers advocating for three of Donald Trump’s Cabinet nominees.

The letter, led by Louisiana AG Elizabeth B. Murrill, includes signatories from the following states:

Louisiana, Alabama, Arkansas, Florida, Georgia, Idaho, Indiana, Iowa, Mississippi, Missouri, Montana, Nebraska, North Dakota, Ohio, Oklahoma, South Carolina, South Dakota, Texas, Utah, Virginia

We, the undersigned attorneys general of 18 states, call on the Senate to confirm as soon as possible Governor Kristi Noem, former Florida Attorney General Pam Bondi, and Kash Patel to lead the Department of Homeland Security, Department of Justice (“DOJ”), and Federal Bureau of Investigation (“FBI”), respectively. Even under ordinary circumstances, it is imperative that President Trump have his national security team in place on Day One. And we are not in ordinary times. The events over the New Year holiday are a grim reminder of why any delay in confirming America First leaders to these important posts is unacceptable.’

Trump’s pick to lead the Environmental Protection Agency is on Capitol Hill for his confirmation hearing.

The one-time candidate for New York governor and former congressman is appearing before the Senate Environment and Public Works Committee.

Jon Michael Raasch, U.S. Political Reporter on Capitol Hill for DailyMail.com

Former North Dakota Governor Doug Burgum arrives at his confirmation hearing before the Senate Committee on Energy and Natural Resources with a warm welcome from the lawmakers.

One after another Burgum shook the hands of lawmakers after entering the hearing room with his wife, Kathryn.

Sarah Ewall-Wice, Senior U.S. Political Reporter:

President-elect Trump’s pick to lead the Treasury Department heads before the Senate Finance Committee today for his confirmation hearing.

The investor and hedge fund manager disclosed $521 million on the forms including a residential estate in the Bahamas worth $5 million to $25 million.

His residence in North Carolina is also worth between $5 million and $25 million, and he disclosed art and antiques worth $1 million to $5 million.

Bessent also disclosed more than $50 million in each SPDR S&P ETF, Invesco QQQ and Invesco S&P 500 Equal Weight ETF.

He also has more than $50 million in U.S. Treasury bills and similar sized positions in the dollar to euro, yuan and yen.

When it comes to crypto, Bessent has $250,000 to $500,000 in iShares Bitcoin Trust ETF.

Donald Trump sent a message of ‘out with the old, in with the new’ by naming and shaming many of his former Cabinet members while honoring his new administration.

The president-elect will officially return to the White House on Monday, with the Senate process of confirming several of his nominees already underway.

Trump congratulated his new administration employees in a Truth Social post Wednesday night, before ripping several of those who either worked for him during his first term or stopped supporting him.

He wrote: ‘As of today, the incoming Trump Administration has hired over 1,000 people for The United States Government. They are outstanding in every way, and you will see the fruits of their labor over the coming years. We will MAKE AMERICA GREAT AGAIN, and it will happen very quickly!’

Trump then advised any hiring managers that ‘it would be helpful if you would not send, or recommend to us, people who worked with, or are endorsed by’ a list of anti-Trump Republicans ‘in order to save time, money, and effort.’

He specifically named 11 different Republicans and first-term Trump employees, many of them coming with nicknames.

Secretary of State nominee Marco Rubio insisted there are serious concerns over control of the Panama Canal as President-elect Trump has called for the U.S. to take over the crucial waterway.

The Florida senator appeared before the Senate Foreign Relations Committee on Wednesday for his confirmation hearing where he was asked about China’s influence on the Panama Canal.

Rubio warned it is a legitimate issue that needs to be addressed.

And while he was careful to state that he has not looked into the legal research regarding the control of the canal, he suggested the agreement under which the U.S. turned it over to Panama may have been violated.

Pam Bondi battled with Democrats over her ties to Donald Trump during her confirmation hearing Wednesday where she repeatedly batted down questions about the 2020 election.

Bondi, 59, the former two-time attorney general of Florida who Trump has tapped to lead the Department of Justice, arrived at her Senate confirmation hearing with her fiancé and family in tow.

Republicans and Democrats lauded her legal credentials before they began probing her priorities for the department and her thoughts on some of Trump’s most controversial claims.

Democrats honed in on Bondi’s past work with Trump, who she served briefly during his first impeachment and devised questions that could have put her at odds with the Republican.

They sought to coerce answers out of her pertaining to some of the president-elect’s most controversial claims about the 2020 election, and whether she would act independently of Trump if confirmed.

Billionaire Scott Bessent is poised to break ground as America’s first openly-gay Treasury Secretary after Donald Trump selected him for the role on Friday.

If approved by the Senate, the 62-year-old founder of global macro investment firm Key Square Group will helm America’s economic policies for the next four years.

The hedge fund heavyweight is known for running in the same social circles as King Charles, being one of Trump’s closest advisors, and living in an iconic pink mansion with his husband and two children.