Golden Finance reported that U.S. Treasury Secretary nominee Scott Bessent appeared at a Senate hearing and warned that if most of the 2017 Republican tax cuts are not extended after they expire at the end of this year, the United States will face a crisis that will hit the middle class and the working class hard. economic crisis. He also said the federal government's debt "will not default" under his stewardship and that he respects the Fed's independence in monetary policy. Additionally, he expressed support for expanding sanctions on Rosneft. In prepared remarks, Scott Bessent also emphasized the importance of addressing the budget deficit, saying the United States needs to "restore fiscal order" by adjusting domestic non-essential spending. He noted that non-essential spending, outside of benefits like Social Security and Medicare, has grown "a staggering 40 percent over the past four years."