Senate slated to vote on South Carolina billionaire hedge fund executive to lead US Treasury

The Senate voted on Saturday to advance Scott Bessent's nomination by a 67-23 margin and his confirmation is expected Monday. 

"This is the single most important economic issue of the day," Bessent, a hedge fund billionaire from South Carolina, told lawmakers. 

"If we do not renew an extension, then we will be facing an economic calamity," Bessent said. "And, as always, with financial instability, that falls on the middle and working class."

Bessent cautioned that a "gigantic" middle-class tax increase would occur if the tax cuts expire.

But critics of Trump's tax plan, including Democratic lawmakers like Sen. Elizabeth Warren, D-Mass., and groups like the liberal public policy institute Center for American Progress, argue the cuts only benefited the wealthy and claim the perks failed to reach ordinary workers.

However, Bessent said Trump and his administration will create a "golden age" of economic prosperity for all Americans.

"Today, I believe that President Trump has a generational opportunity to unleash a new economic golden age that will create more jobs, wealth and prosperity for all Americans," Bessent said at his confirmation hearing. 

Trump's economic plan includes extending the 2017 tax cuts and imposing tariffs ranging from 10% to 20% on all imported goods. For countries like China, that number could go up to 60%. 

The Treasury Department is responsible for managing federal finances and oversees agencies that include the IRS.