U.S. Treasury Secretary Scott Bessent took to Fox Business on Thursday to outline an ambitious economic strategy aimed at revitalizing growth by slashing regulatory burdens and cementing tax cuts. Appearing on “Kudlow,” Bessent pitched his forthcoming tax bill as a remedy for what he described as years of stifling government overreach, promising a leaner, more efficient federal apparatus to ease financial pressures on American families.
Bessent, a former hedge fund manager tapped by President Donald Trump to lead the Treasury, framed his approach as a transformative shift for the nation’s fiscal health. “Changing the growth trajectory of a nation changes the debt dynamics,” he told host Larry Kudlow. “As I always say, I am America’s leading bond salesman, and I have a great story to tell.”
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The Treasury Secretary’s blueprint centers on three key pillars: making the Trump-era tax cuts permanent, lowering energy costs, and rolling back what he called a “significant burden” of regulatory overreach. Bessent argued that these measures would unleash economic potential stifled under previous administrations, particularly by reversing policies he claims have hampered businesses and households alike.
“The focus is crystal clear,” Bessent said. “We’re going to stimulate the economy and create a culture of efficiency and accountability within the government.” He pointed to the 2017 Tax Cuts and Jobs Act—set to partially expire in 2025—as a foundation to build upon, vowing to extend its provisions indefinitely to provide certainty for investors and families. On energy, Bessent hinted at deregulatory moves to boost domestic production, though he offered few specifics during the interview.
The regulatory rollback, however, emerged as the cornerstone of his vision. Bessent criticized the Biden administration’s expansion of federal rules, from environmental standards to financial oversight, as a drag on growth.
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“We’ll bring energy costs down and, Larry, as you know better than anyone, one of the biggest costs on the American people the past few years have just been these out of control regulations that the previous administration put in,” Bessent added. “So in President Trump’s first term, the goal was to eliminate three regulations for everyone that was added. I believe it worked out to seven were cut for everyone that was added.”
Bessent’s comments come as the Treasury Department prepares to unveil its tax proposal in the coming weeks, ahead of a contentious budget season in Congress. With Republicans holding slim majorities in both chambers, the plan’s success hinges on party unity and navigating Democratic opposition, which has already labeled the approach a giveaway to corporations and the wealthy.
Senate Minority Leader Chuck Schumer (D-N.Y.) has warned that “trickle-down economics has failed before and will fail again,” setting the stage for a partisan battle.
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Economists remain divided on Bessent’s strategy. Supporters argue that deregulation and tax relief could spur investment and job creation, potentially lifting GDP growth above the 2.1% average of the past decade. Critics, however, caution that paring back oversight risks environmental and consumer protections, while adding to a national debt already exceeding $36 trillion.
For Bessent, the stakes are personal as well as economic. Positioning himself as a salesman for America’s fiscal future, he tied his credibility to delivering results.
As Washington braces for the rollout of Bessent’s tax bill, all eyes will be on whether his blend of deregulation and tax permanence can deliver the economic jolt he promises—or whether it reignites familiar debates over who truly benefits from such policies.
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