In response to potential electoral backlash, Trump administration officials downplayed the Medicaid cuts included in the tax bill during Sunday interviews. Treasury Secretary Scott Bessent claimed Democrats were falsely portraying the work requirements as burdensome, while National Economic Council Director Kevin Hassett denied widespread loss of health coverage would occur. Despite these assertions, nonpartisan estimates suggest the bill could cause millions to lose health insurance due to new work requirements and expiring subsidies. These new requirements, which mandate proof of work or related activities, and increased verification hurdles are expected to complicate access to Medicaid and coverage under the Affordable Care Act.
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Following allegations of a physical altercation between Elon Musk and Treasury Secretary Scott Bessent, stemming from disagreements over budget cuts, Musk’s tenure as head of the Department of Government Efficiency (DOGE) concluded. This incident, confirmed by Steve Bannon, occurred amidst broader criticism of Musk’s leadership and drastic spending measures, leading to a decline in his public approval ratings and those of his companies. Musk’s departure, while expected, is attributed to a strategic attempt to repair his damaged image.
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A heated argument erupted in the West Wing between Elon Musk and Treasury Secretary Scott Bessent over the appointment of the acting IRS commissioner. The dispute, which took place near the Oval Office, involved accusations and insults, escalating into a physical altercation that required intervention from an aide. The disagreement stemmed from Musk’s support for Gary Shapley and Bessent’s preference for Michael Faulkender. Ultimately, Faulkender was appointed, suggesting Bessent prevailed in the power struggle.
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Scott Bessent, a former hedge fund manager and current administration member, is reportedly isolated within Trump’s inner circle and facing dwindling credibility due to the administration’s tariff policy. This policy, which Bessent unsuccessfully attempted to prevent, constitutes a significant setback for him. His recent warnings against retaliatory measures highlight his increasingly precarious position. Leaving the administration now would likely further damage his reputation.
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Newly appointed CFPB Acting Director Scott Bessent, a hedge fund manager, has instructed agency staff to halt most operations, including enforcement actions and the issuance of new rules. This directive, intended to align with the administration’s goals, suspends ongoing cases against major financial institutions like Capital One and Walmart. The move has drawn sharp criticism from Senator Elizabeth Warren, who argues it contradicts the administration’s stated aim of lowering costs for consumers. Conversely, the Consumer Bankers Association welcomed Bessent’s appointment and hinted at the potential reversal of consumer-protective regulations enacted under the previous director.
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Ryan Michael “Reily” English, a Massachusetts resident, was arrested at the U.S. Capitol with Molotov cocktails and a knife. He confessed to intending to assassinate Treasury Secretary Scott Bessent, shifting his target after learning of Bessent’s Senate confirmation vote. English initially planned to target Defense Secretary Pete Hegseth and/or House Speaker Mike Johnson. He faces charges of unlawful possession of firearms and carrying incendiary devices on Capitol grounds.
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During his Senate confirmation hearing, Scott Bessent, President-elect Trump’s treasury secretary nominee, opposed raising the federal minimum wage, deeming it a state and regional matter. This stance contrasts sharply with calls for a living wage and drew criticism for prioritizing tax cuts for the wealthy over wage increases for low-income workers. Bessent’s economic plan, focusing on deficit reduction and GDP growth, reportedly necessitates cuts to anti-poverty programs and potential tax hikes for the middle class to achieve its goals. Critics argue his nomination prioritizes the ultra-wealthy, potentially harming middle-class families.
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Nominee Scott Bessent, President-elect Trump’s pick for Treasury Secretary, testified before the Senate Banking Committee, prioritizing the extension of the 2017 Tax Cuts and Jobs Act as the most crucial economic issue. He argues that failing to extend these cuts, which disproportionately benefit the wealthy, would lead to economic calamity. Despite accusations of tax evasion and opposition to raising the minimum wage, Bessent’s confirmation is anticipated. The proposed extension would cost an estimated $4 trillion over a decade, a cost Bessent claims could be offset through other budget cuts.
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John Q. Hosedrinker