bessent.. graham: thank we, chairman and ranking member, all of our college and there's only a 200 of us. is my first appearance in the finance committee. probably last. working uncomplicated stuff. i'm glad you like this stuff. it seems kind of boring to me. but it is important what you do. and i respect the intellect of the people in this committee and our economy needs the best minds. that we can find on the finance committee. and we need is a history of treasury that knows what he is doing has to trust the president and loves this country. your ship came in with this guy. so scott since from south carolina, he is academically gifted and real world tested. he went to yale. nobody is perfect. when he told me that, i said, i don't know about that. but anyway, he is really, really smart and this is not located area. now, why am i here? because trump won. i would not be here if from the cannot win. mr. bessent: because more people voted for him. and he had to pick people to form his cabinet. an

bessent i hope you gotmr. bessent-- mr. bessent: i hope you got my follow-up materials on tariffs and china. the three billionaires who you listed all made the money themselves. mr. musk came to the country as an immigrant -- sen. sanders: i understand that, but when i'm asking you is when you have a handful of people like musk, who will soon be part of the trump administration, and others, when you have three people owning more wealth than the bottom half of american society, when they have an enormous influence over the media, when they spend huge amounts of money in both political parties to elect candidates, what biden said last night's we are moving toward an oligarchy. i'm asking you that question, do you think -- forget how they made their money. when you -- when so few people have so much money and political power, is that an oligarchic form of society? mr. bessent: i would note that president biden gave the presidential medal of freedom to two people who would qualify as his oligarchs. sen. sanders: this is not a c

bessent. sen. graham: thank you mr. chairman and ranking member at all my colleagues. there are only 100 of us and we know each other pretty well. this is my first appearance in the finance committee and probably last. y'all work on complicated stuff. i'm glad you like this stuff. it seems kind of boring to me, but it is important what you do. i respect the intellect of the people on the committee because our economy needs the best minds we can find on the finance committee. and we need a secretary of the treasury that knows what he is doing, has the trust of the president, and has the trust of the president. your ship came in with this guy. he is academically gifted and real tested. he went to yale, so nobody is perfect. when he told me that i said i don't know about that. but anyway, he is really really smart and this is a compensated area. why am i here? because trump won. i would not be here if trump had not won. trump won because more people voted for him. and he had to take people to for

bessent, i'm going to pronounce your name like it was in louisiana, bessent, as opposed to bessent. the folks in south carolina do. i'll try. let me compliment you on some sensitive answers. some people here rope-a-dope and statements like just my colleague. and alluded to it, tariffs when senator wyden spoke up. and i'm concerned that countries like china, putting in coal fired plants and whatever we do won't have an impact on global greenhouse emotions, and china has put up so many. and we discussed the foreign pollution fee which would put an levy, and roughly the cost of them not controlling it. so i would think that my democratic colleagues would like that because that's clearly a way that they are manipulating the world economy to steal jobs from the united states and simultaneously increase global greenhouse gas emissions. any comments on such a foreign pollution fee? >> senator cassidy, i enjoyed-- greatly enjoyed our discussion and the extensive presentation you gave me when i visited with you and this is a very good question because -- and i believe it is one for your demo

bessent, to be secretary of treasury.his cabinet position is one of the most important positions in any administration. the secretary is the tip of the spear for president's domestic economic agenda. very key player in international affairs with responsibilities covering international trade, global finance, and foreign sanctions, and that's just to name a few. given the current challenges we face as a nation, the next treasury secretary will have a big, full load on their plate. the u.s. is facing what former clinton treasury secretary larry summers recently called, quote, the biggest fiscal sustainability problem since the civil war, end of quote. at the same time, the expansionist ambitions of russia in europe and china, particularly china's pursuit of economic hegemony, threatens international economic order. having met with mr. bessent, i'm confident he's up to the task. he has a depth of knowledge of economic history. in fact, he taught a class on the subject at yale university. that and his decades long career in fi

bessent. >> wealth and prosperity for all americans. my life's work in the private sector has given me a deep understanding of the economy and markets and while in experience will be invaluable in crafting economic policy, i have long adhered to the principle that you should know what you don't know and lean on those who do. having never served in government, i intend, if confirmed, to be in close contact with each of you and your offices and seek your counsel. the treasury department plays a critical role in protecting american national security. we must secure supply chains vulnerable to strategic competitors and carefulfully deploy sanctions as part of a whole of government approach to address our national security requirements and chrisically, critically, we must ensure that the u.s. dollar remains the world's reserving currency. today we face significant challenges in an economy that has not created enough opportunities for working men and women. we have a housing shortage and for the fir

bessent. >> well, thank you, mr.leagues, we know each other pretty well. this is my first appearance in the finance committee, probably last. y'all work on complicated stuff, and i'm glad you like this stuff. seems kind of boring to me. it's important what you do, and i respect the intellect of the people on the committee because our economy needs the best minds that we can find on the finance committee. and we need a secretary of treasury that knows what he's doing has the trust of the president, and loves this country. your ship came in with this guy, so scott, from south carolina, he's academically gifted and real world tested. he went to yale, so nobody's perfect. when he told me that, i said, hmm, i don't know about that, but anyway, he's really really smart, and this is a complicated area. now why am i here? because trump won. i wouldn't be here if trump hadn't won. trump won because more people voted for him. and he had to pick people to form his cabinet. and when he talked about secretary of treasury, i'm not

bessent spoke briefly about the federal reserve . listen to this. >> do you think that there should be independence? >> on monetary policy decisions, the fomc should be independent. >> he was the advisor who would initially raise that idea of a shadow fed chair, something that spooked lawmakers want to make sure to preserve the fed independence. he was clear about that today, bringing some confidence to some of our viewers of >> thank you. tom is joining me to talk about market reaction. a quick response, we will have more time to get further into this. tom, the biggest takeaways? >> a victory in the markets did not move. from my perspective, the economics perspective, it was great he did not drive home that there would be some sort of broad-based like it tariffs. the idea that he believes in fed independence is great. >> dan, a quick word? >> a very pragmatic leader in a time of crisis with big deficit issuances, big treasury influence, and a software program he laid out, but this is the conceptual stage. he is saying the team will

bessent. at the very top who operate under different set of tax rules operate a different way. mr. bessent comes from wall street to opt out of paying its fair share into medicare follows the tax dodge that's common among cultural wealthy head fund managers. they spend top dollar to get the best tax lawyers and accountants. they mash together loopholes and twist the law until proof medicare taxes just disappear. mr. bessent has avoided paying almost a million dollars in three years of tax returns, the finance committee has reviewed. there could be a lot more in other years. now the treasury department says what mr. bessent is doing is a violation of the law. the irs is gone to court twice to close this loophole. it won both times. we urged him to pay what he owes. santa weighed out the appeals process so if mr. bessent is confirmed, the day he is sworn in the treasury secretary will be in violation of treasury policy. let me repeat that madam president. if mr. bessent is confirmed the day that

so game, set, match, smooth sales for all of president trump's nominees, and treasury man scott bessent joined ship. joe biden does not like tech oligarchs because they are flocking to trump. >> senator rand paul to cut spending and senator markwayne mull mullin on tell create's hypocrisy, but first up, grady trimble is live in washington, what is cooking. reporter: it is cold outside, comfortable here, i will start with trump's pick to lead treasury department, scott bessent who fended off attacks today from democrats over president trump's plans to implement tariffs, cut government spending and make 2017 tax cuts permanent. >> 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. reporter: democrats accuse bessent of working for wealthy, going after some of trump's guests at the inauguration. >> you have three people on top mr. musk, mr. bezos and mr. zuckerberg who are now worth almost a trillion dollars more than half of the bottom of our society. >> three billionaires

scott bessent also outline how — inaudible. scott bessent also outline how the _ inaudible.lso outline how the trump - outline how the trump administration could use tariffs for several purposes. firstly to address unfair trade practices, second, as a tool to raise revenue for the federal budget, and that, as leverage in trade negotiations. as for the use of sanctions, he said he was 100% on board, increasing sanctions on russian oil makers. the edge fund me is seen by many as a safe pair of hands for one of the country's most important economicjobs, most important economic jobs, making most important economicjobs, making his confirmation process smoother than some of donald trump's more controversial pics. some think china could be heading for decades of economic stagnation, like japan suffered after its boom turned to bust in 1990. jinny yan is chief china economist at icbc standard bank. welcome to the programme. your thoughts on that figure that was released earlier — 5%? 5s was released earlier - 5%? 596 is a was released earlier - 596? 596 is a target _ was released ea

but bessent is an economic whiz. president trump called bessent's appearance a masterful performance, of course it was. bessent is a free market supply cider, who put together a storied performance as top flight investment manager for many years. he's an economic growth guy and limited government guy and a king dollar guy. from his testimony today i'll quote, crith critically we must endure the remains of the world's reserve currency". scott read the riot act on tax cuts by the way, take a listen. >> 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. we will see a gigantic middle class tax increase. we will see the child tax credit upped and we will see deductions halved and it will be what we call economics that has potential for a sudden stop. larry: there you government a sudden stop potential. scott bessent also understands that president trump's tariff strategy will not be inflationary. he has said only exc

this is what got scott bessent the job.erson for trump's america first agenda on the economy and he was able during the transition and even before that to demonstrate to trump's diehard maga allies and to wall street that he is the best person for the job and he has donald trump seer and can get the president to may be move off course if needed. donald trump is someone who likes to stay his own course when he sees something he wants. that'll be a tricky task for him. we did see his predecessor steven mnuchin last four years by successfully navigating all of those pressures from outside the and ministration and within, especially from the boss. dani: another part of this job is engagement abroad. janet yellen frequently speaking to counterparts in china and elsewhere. how do we expect the questioning to evolve and answers we might get from scott bessent as we know trump has been very vocal about adversaries and allies as well. mike: we did get an early taste of how he views economic diplomacy. he talked in the prepared state

bessent to be secretary of treasury. this cabinet position is one of the most important positions in any administration. the secretary is the tip of the spear for presidents domestic economic agenda. moreover, the secretary is a very key player in international affairs with the responsibilities covering international trade, global finance, and sanctions just to name a few. given the current challenges we face as a nation, the next treasury secretary will have a big full load on their plate. the u.s. is facing former clinton treasury secretary larry summers recently called quote biggest fiscal sustainability problem since the civil war." at the same time the expansion of russia and china, particularly china's pursuits that threatens international economic order. having met with mr. bessent i am confident he is up to the task. as a depth of knowledge, of economic history in fact, he taught a class on the subject. that in his decades long career in finance. they make him uniquely qualified to be our next secretary of the tr

bessent is one of the easiest we could ever take. in prior congresses, i've joined with many of my republican colleagues in voting for well-qualified treasury secretary candidates put forward by a democrat president. even though i didn't agree with all of the positions they advocated. mr. bessent's candidacy ought to enjoy similar support, and i encourage my colleagues on both sides of the aisle to join with me with advancing his nomination. he is the right person for this job. and i commend president trump in making such an excellent selection. mr. president, i yield the floor. i suggest the absence of a quorum. the presiding officer: the clerk will call the roll. quorum call: the clerk: ms. alsobrooks. quorum call: quorum call: a senator: mr. president. the presiding officer: the senator from l south dakota. a senator: i would move to vitiate the quorum call. the presiding officer: without objection. the presiding officer: under the previous order, all postcloture time is expired. the question is on the nomination. is there a suffi

day, this committee has trump cabinet pixar back on capitol hill, treasury secretary nominee scott bessents tax cuts are the most important economic issue today. as the house considers the upcoming reconciliation plan new fox news poll shall abide in a administration made the economy worse for voters who have overwhelming concerns about the state of inflation. everything that you need to know right here, futures indicated again at the start of trading. looking at games across the board after stock slipped yesterday as technology stocks drag on the broader market. apple down on reports of losing the top smart phone spot in china, big tech this morning right here coming upcoming european markets this morning are higher, together get the gains in the euros on right here and in asia overnight where we had a mixed story, fractional moves pretty much across the board in the asian embassies, time is running out on tiktok as the supreme court has yet to make its ruling on the federal sale orban law ahead of sunday's deadline. how one act for president biden could lead to the decision to president

is scott bessent the kind of guy who is going to say when the rubber hits the road, mr. president, these policies you are proposing are going to be disastrous. >> yeah, i think i think you're right. i think mark is right. i think that he was picked in order to reassure the markets, to reassure the economic, you know, elites in the country. and he's basically done that. and it is striking that trump, who's willing to go to the far right to fringe characters for so many other really important jobs, including the fbi, including the department, you know, the director of national intelligence when it comes to the economic jobs, does stay closer to the traditional establishment reassuring kind of figures like scott bessent. but you're right. the question is, how much is he willing to use that influence to use that position, that he's going to get here to advise the president elect? if he doesn't agree with him, how much is he going to push and how much will the president elect listen to him? what we heard from trump, i think repeatedly over the last four years, is that the les

we saw scott bessent talk about the security and supply chain. does that change your view of the reshoring and near shoring is and the companies in the etf? >> we will be listening with the companies in the u.s. and helping more strategic industries from the trump administration perspective. we don't do anything on the technology side. that's deliberate. there are enough ways to get that exposure. we think reshoring is benefitting big technology rather than middle america and manufacturing and industry. >> we will continue to watch this rsh etf. thank you very much. >> thank you for having me on the show. >>> still on deck on "worldwide exchange," the groups jumping intoheuaum t qnt computing frenzy. we will dig into it. stay with us. got eyelid itching, crusties and swelling that won't go away? it could be... demodex blepharitis! and we're demodex mites. we're very common and super irritating to your eyelids... but we love making ourselves comfortable here! oh, yeah...steam time! if demodex mites are partying it up on your eyelids... it's time t

but bessent disagreed saying foreign countries will continue cutting prices to maintain market share. democrats also accused bessent of avoiding paying roughly 1 million dollars in taxes related to his hedge fund. >> besson told the committee it's a lower number and the matter is currently in litigation. if confirmed, i have agreed to shutter my from republicans signaled they're ready to support his confirmation in washington. i'm jessi tenure. we have just learned former speaker of the house nancy pelosi will not be attending president-elect donald trump's inauguration on monday. >> a spokesperson for pelosi confirming this to kron 4 pelosi joins former first lady michelle obama has the second high profile figure on the democratic side to announce that they're going to be skipping monday ceremony. the spokesperson did not provide a reason for pelosi's reasoning for not attending the inauguration course. this is not the first time that a high-profile politician decided to skip presidential inauguration back in 2020 president, top trump and first lady melania trump skipped joe biden's

bessent. >> will vote shortly burst scott bessent urged opposition to the nomination. here is why. unpaid medicare taxes. to the vast majority of americans, paying medicare taxes is automatic. every paycheck not so for individuals like mr. bessent. those at the very top who operate under a different set of tax rules, operate a different way. mr. bessent comes from wall street. it follows this comment among cultural wealthy hedge fund managers. they spend top dollar to get the best tax lawyers and accountants. that mashed together loopholes and twist the law until medicare taxes just disappear. as avoided paying almost a million dollars there could be a lot more in other years. now the treasury department says what he is doing is a violation of the law has gone to court twice to fill this loophole. it won both times we raise this is going to wait out the appeals process in hopes he doesn't have to pay. if he is confirmed the date he's sworn in violation of treasury policy let me repeat that mad

scott bessent has been defending the tariff issue. mexico and canada, 25% proposal is a hot button issue the right now. g goldman sachs said 20% chance that trump would put these tariffs on. now trump administration are saying they need to go into effect this saturday. tariffs first, negotiation second. many on wall street thought negotiation first and then tears, we'll see. w "wall street journal" said that one thing there is a problem with tariffs, it will hurt recovery relief and building for los angeles and north carolina where president trumps on friday. he promised to help rebuild faster by dropping threat to impose 25% tariff on mexico and canada that would make disaster recovery slower and more expensive. wood used mostly is from canada. there are environmental regulations on federal lands, you can't get timber from federal lands in northwest, that is under biden administration. maybe they account reverse that. it would be a price issue is what they are saying here for lumber. >> todd: everybody in the white house will be pret

he was voted through the 16—11 in favour have this position going forward —— scott bessent. objections to his appointment came from democratic senator raffaella warnock who said he was concerned about tax giveaways to billionaires and you will remember that there was that conversation last week during his confirmation hearing where scott bessent said tax cuts were the number one priority. did you talk to you, michelle, and you bring up the point of what the stock markets have made of all of this. they have been relatively muted today, as investors try to digest what us president donald trump will do on tariffs. shares in the us and europe opened slightly higher, while those in asia saw modest gains. the ftse100 closed up slightly by 30 points at 8,550. the dollar, which had fallen on monday after the inauguration, regained some ground against some other major currencies, including the pound and the euro. chris turner is global head of markets at ing in london. good to have you here. what have we seen today? as i have said, we are trying to work out a direction of travel abou

in regards to scott bessent.f the most important things that i heard from him, he is really focused on preserving the dollar as a reserve currency of the world. i know it seems like far stretched that i never lose that title but ray galliano has done the studies and he studied thousands of years of empires they tend to last two to 50 years on average. then they battle high debt and high deficit, interest-rate start to go up on them there's a rising economic and military superpower that is an adversary and then they have currency status, everything is true about the united states right now except for the reserve currency that is typically the last thing so we have to preserve that. maria: nobody thought rome would fail one of the items in scott bessent's opening statement if congress fails to act americans will face the largest tax increase in history a crushing portraying invalid tax hike we must make the 2017 tax cut and jobs acting up amid new growth policies and extend those, your reaction. >> absolutely agree

maria: they don't, just let me say two focuses we've got to get to this morning that is scott bessentill be confirmed, as treasury secretary, likely this morning, as president trump stops in las vegas over weekend proposing sending nearly 90,000 irs agents hired under joe biden to southern border the report found that more than 90% aggregation audits between 2019 and 2023 were on taxpayers making less than 400,000 dollars a year, president trump's treasury will take this up confirmed by senate likely today, i would expect questions about the crypto legislation how he sees digital assets how he sees, sanctions as well. cheryl: right case proposals about digital dollar thousand keep dollar globally strong continues always will be reserve currency but crypto markets, this idea that you bring in and make a bank of crypto assets bitcoin under purview government, remember during bessent nomination hearing confirmation hearings ditching president trump's stance on tariffs. this saturday, february 1 could i see tariffs lobbed on to mexico, canada, also want to pick up one thing brooke was col

we all know who bessent is.ut i think america got introduced to him yesterday and he knocked it out of the park. maria: you think we'll have a good year in the economy and markets? >> i think now we've got some people who are competent which gives us a much better chance. i still worry about the fed. i think the fed is way behind the ball which is what the bond market is telling them. but we're getting competent people in, thank god. maria: do you agree with all that. >> i agree with most of it. i think the first half of the year, a lot of volatility. there's going to be a lot of uncertainty with tariff proposals and other new proposals the trump administration might have and we'll see how the market reacts. there's still this worry about the size of the budget deficit and that's one of the reasons why this 1 s 10 year treasury d has moved higher by a percentage point despite the fact fed funds dropped by a percentage point. that is highly unusual. maria: bessent seemed a little put off by the idea of eliminatin

bessent got a good -- we had a cloture voted the on bessent, and i think he got 67 votes on closure.ple, and i'm hoping that the democrats recognize that and give us the support that we need and enable us to get going on the next set of nominees. mike: majority leader john thune, grateful for your time today. thanks much. >> thanks, mike. mike: senator thune will have an exclusive appearance if tomorrow on "sunday morning futures" with maria bartiromo, 10:00 eastern time here on fox news channel. ♪ ♪ mike: efforts to carry out president trump's immigration plan are underway as deportation flights have started. this as the state department is clarifying the trump administration's reimplementation of the remain in mexico policy. madeleine rivera is here with the latest. hi, maddie. >> reporter: good afternoon, mike. the u.s. is touting a successful relationship with mexico, and this is important, mike, because yesterday there were reports that mexico had refused a deportation flight from the u.s. a state department official tells fox news, yes, mexico had rejected a deportation flight

bessent.e also expecting to see a vote to limit debate on the president's nominee to be secretary of transportation, sean duffy. you can watch live coverage of those vote right here on c-span2 and that c-span now at in our website c-span.org. [music] hey ric. >> it's great to be back in this beautiful city to celebrate the historic first week in the white house, æ [cheering] have a lot of help in winning, joe lombardo your governors here someplace. thank you joe. thank you very much, how can you fail with that guy. also lieutenant governor stavros anthony. thank you very much. is he doing a good job? i think so. michael macdonald. he has done something was not a lot of people been able to do but i think republicans are going to start winning this. typically they don't necessarily do so good, we did really well. we won from a landslide, that's really why i'm here, republican national committee women said allwherever you may be, thank you very much. publican national committeemen gender grafton

. >>> president-elect donald trump's pick to oversee the economy, billionaire scott bessent, pressed by senators. what he says he's open to. and the list growing of tech billionaires and their prominent seats at the inaugust ration. >>> the car stolen. a 4-year-old girl in the back seat. the frantic search to find her. and there is late word coming in on this tonight. >>> this evening, rudy giuliani reaching a settlement, moments before he was supposed to testify. what he'll have to give those georgia elections workers now, and what he keeps. >>> those two spectacular launches today. spacex and blue origin. a short time ago, the tower catching the booster returning to earth, but have they lost the main rocket tonight? >>> the new report this evening on chancer in the u.s. what they're now seeing in women and young people. what you need to know. >>> tonight, we remember a famous filmm filmmaker. >>> and another loss tonight. the tributes to mr. baseball. >> just a bit outside. >> david: some of his funniest moments, including on johnny carson. >>> good ervening. we are following sever

scott bessent also outlined how the trump administration could use tariffs for several purposes.nfair trade practices. second, as a tool to raise revenue for the federal budget. and third, as leverage in trade negotiations. as for the use of sanctions, he said he was 100% on board increasing sanctions on russian oil majors. the hedge fund billionaire is seen by many as a safe pair of hands for one of the country's most important economicjobs, making his confirmation process smoother perhaps than some of donald trump's more controversial picks. the world bank has warned that rising trade tensions pose the biggest risk to the world economy this year. it's forecasting global growth of 2.7% — but says plans by president—elect trump to hit imported goods with tariffs could put a dent in that figure. jonathanjosephs has been talking to the bank's deputy chief economist ayhan kose. number one fear is the possibility of escalating trade tensions between major economies stop number two, the policy uncertainty and the consequences of that on investment. number three of course, we are worri

vote on scott bessent for thresh tree secretary is teed up for tonight. road could get rockier as the week goes on. chad pergram has the latest live from capitol hill. what's the update, chad? >> good morning. senate pushed through two of president trump's nominees over the weekend, another likely scores confirmation tonight. that's treasury secretary nominee scott bessent and perhaps tomorrow transportation secretary pick sean duffy. >> actually we're ahead of schedule. we're going back to what is the obama standard. obama got 12 cabinet nominees through in 15 days. it took trump 43 days to get his first 12 through back in 2017. so we're pushing hard. >> bessent should receive bipartisan support every nominee except defense secretary pete hegseth got votes from democrats. don't expect democrats to support the nomination of tulsi gabbard for director of national intelligence. her hearing is before the intelligence committee later this week. slotkin of michigan is a former c.i.a. officer. >> she doesn't show the competence, the understanding, the depth. sh

is scott bessent at the epicenter of this?to his confirmation hearing on thursday. those potential reasoning behind a gradual tariff approach could be twofold. to tamp down a concerns about any potential inflationary impacts and serve as a negotiating leverage. in washington, we have the canadian ambassador kirsten hellman on balance of power who said they are actively looking for ways to get to that negotiating table. that is nothing -- that nothing would be off the table except the acquisition of canada. on the second point about any potential inflationary impacts, i caught up with a republican strategist who told me this is going to be way more palatable for congressional republicans who will be questioning scott bessent later this week and have already expressed concerns about tariffs and about rhetoric about any spike in prices and with that could mean to republicans as they try to hold on to their slim majority in congress . in the midterms, they would like to see unified government for the total of four years under trum

i mean, it is all but guaranteed that bessent is going to get this job.nk he's going to do in this role? >> well, i agree with justin. >> first of all, this is a sort of surprisingly ordinary pick. >> this is a treasury secretary that we could have imagined from any republican administration. he could have been nominated in 2004. he's a financial historian. >> i'm a financial historian. that obviously speaks to my priorities. >> i think the thing that troubles me, and this is in line with what justin was saying as well, is that there are two incompatible promises there. one is he says the fed is going to get inflation back down to 2%. nobody knows how that's going to happen. the fed is not even sure how that's going to happen. he also says that that's going to happen while they are lowering taxes and raising tariffs. these are things that if we have any predictive power at all, we can roughly say are going to increase inflation. you know, similarly, he says that he's really worried about america having the fiscal capacity to fight the next war. that's a v

scott bessent is absolutely right.at is a de facto tax increase and the consequences of that are a slowing economy. a possible recession. more deficits and bigger debt. is he trying to avoid that. that's why it's his number one priority. >> but, you know, the tax cuts don't help just rich people. >> certainly not. no. the tax cuts stimulate growth. that's what bess sent is going for. grow the economy. more jobs. better wages. that helps everybody. middle class people. low income people. everybody wins. >> so i think the two top priorities for and things on his radar the tax cuts, obviously, but also tariffs we have heard a million times tariffs are tax on peel, too. you tax 20% china. >> that depend on who swallows the 10% tariff is it passed along to consumers? no, not always it. can be swallowed by chinese manufacturers, swallowed by the importers. it doesn't mean -- tariffs do not mean higher prices for consumers, necessarily. what they do mean is that trump has negotiating ability with china and with other countrie

how do you think scott bessent did?ear that scott bessent is a mind at work and markets should be heartened by that. all of us would like a steady hand in that role which is his experience in the oval office advising the president. let's not kid ourselves. we are still going to be living and dying day today by whatever donald trump is typing out on his phone's keypad. it is heartening and positive and scott bessent will be easily confirmed and he will be a stable voice in the treasury department and ultimately in the oval office advising the president. but the president himself is going to decide what tariffs are going to go into place and how those will be communicated to the market. annmarie: we are expecting some hundred executive orders from donald trump. what do they look like? isaac: i think it will be a busy day. there is an enormous amount of anticipation around what we will see on monday. i want our clients in general to be aware that just because it does not come out on monday does not mean it will not happen.

we turn attention over to washington and the confirmation hearing of scott bessent.ry secretary pick. hit on a number of hot button issues with tariffs and the outlook for wall street and main street and the d.c. spending habits. >> and to be clear, this is one of the things that got me out from behind my desk and quiet life and this campaign was the thought that this spending is out of control. >> he believes we probably gotten over it on sanctions and sanctions may be driving countries out of the use of the u.s. dollar. so the tariffs can be used for negotiations. >> i believe wall street has done great the past few years and that main street has suffered. i think it's main street's time. wall street can continue to do well, maybe not as well. >> as you just heard moments ago, bessent sparring with senator bernie sanders whether an oligarchy is taking shape in the u.s. this is after the warning president biden in his farewell speech on wednesday. for more, let's bring in eamon javers. eamon, good morning. >> reporter: good morning, frank. the ceos of the technology

scott bessent improve the economy customer ed -- economy? ed, independent.aller: the first need for the economy is guaranteed jobs are everyone, starting with the people at the bottom of society. i don't have any confidence in either of these two parties to do that. there are at least 800 billion in the bank accounts, and millions in college endowments, the churches have billions of dollars and 17 billionaires similar to give away all the money to help the poor. host: so when you heard the outgoing president biden yesterday or earlier this week in his farewell address talk about an oligarchy taking shape in america, would you agree? caller: it has bn running the country for decades. but the key is a guaranteed job and a place to live for the poor. that is ke host: that is ed, new jersey, independent. let's back to the associated espoll on creating more jobs in 25. when they asked if they had confidence that the trump administration would create more in 2025, 54% said they are sightly or not at all confident. 27% said they are extremely very confident, so hig

is right four cabinet nominees pare for hearings today trump's pick for treasury secretary scott bessent 10:30 interior secretary doug burgum nominee for epa, lee zeldin, and urban and housing turner at 10:00 a.m. eastern time, yesterday pam bondi, for attorney general faced combative a democrats. >> are you away of any factual basis to investigate this "yes" or "no". >> senator that is a hypothetical i am not going to -- >> no, no, i sometime have. >> a so worried about liz cheney you are robberies up 87% higher than national average. >> is your job will be i am speaking your job will be protect voters i hope you can answer that. >> the appreciative one senator. >> you pointed your finger at me said -- >> let me, let me answer my question, i am not going to be bullied by if president trump suggests hints that you as attorney general should investigate, one of his -- perceived political enemies would you do so? >> so a senator herino i wish had met with me had you met with me we goff discussed many things. >> i am listening now could you respond to the question. >> you were the only one

dani: scott bessent has been confirmed as the next u.s.cretary, winning the senate vote. get included support from 15 democrats. policy objectives include 3% gdp growth and a 3 million barrel per day increase in u.s. oil production. benjamin netanyahu is planning to visit washington next week to meet with president trump. they say he will speak with trump about maintaining the cease-fire in gaza. israeli media is reporting trump's middle east envoy steven witkoff is expected to travel to israel this week to discuss longer-term solutions to regional conflicts. gm shares are rising, just about .7% in the premarket. the automaker reported better-than-expected for third earnings -- fourth-quarter earnings. the upbeat forecast does not account for potential tariffs on canada and mexico. the company insured investors it has a playbook for that scenario. that is your brief. jonathan: i would love to know with the playbook looks like. what is it if you come up with 25% tariffs on canada and mexico? lisa: run, hide, cry. jonathan: hopefully they re

doug burgum and scott bessent appeared before their rippive committees on thursday. >> president trump energy dominant can be america's big stick. leverage for prosperity and world peace. >> i believe wall street has done great past few years and main street has suffered. it is main street's time. wall street can continue to do well, maybe not as well. it is time to have a main straight small business led recovery led by small banks, regional banks. >> madeleine: this morning homeland security nominee kristi noem head to capitol hill. plans are liking to take center stage. kristi noem will say securing h homeland is a trust that must be pursue the and never taken for granted. being safe is an american right yet americans feel less safe than they have in decades, president trump will change that. she will appear before the committee 9:00 a.m. eastern time. >> todd: we can expect that to be one of the most fiery this week. we will see. >> carley: starting fiery and ending fiery. >> todd: joe biden giving final interview as president repeating warning for the future of democracy. >> what

yesterday treasury nominee scott bessent in his testimony to congress said in some of, i don't trust cbo numbers. could you talk a little bit about what your expectation is for the cbo's relationship with the next administration, given those comments? additionally, what is the cbo's view on tariffs as a source of revenue. >> i will take those in turn. i did not hear that part of his testimony. i saw some of the news reports, but i did not see that. do you work for the congress, and that is our mission, to provide objective information for the congress and to give policymakers the information they need when they need it and will continue to do that. we will continue to fulfill our mission. as a matter of course, we work closely at various levels with the administration. we get lots of information, lots of data from the executive branch and will continue to do that. it is a talented economic team, from mr. bessent, and others, and i expect we will have the same sort of for relationship with the executive branch as we have had in the last -- well, the last six years since i have been di

bessent, rubio, all looking to sail through.et to hear from the nominees about the views on policy in how they plan to run their agencies. you can expect the bessent hearing to touch on tariffs and taxes and ficits. given that doge is expected to run in partnership with omb. rubio, you can expect him mong other things to be asked about china. as for timing, it is still going to take time for everyone to get a floor vote. rubio might be confirmed on inauguration day. so far, it ks like he could be the only one. that is not unprecedented. trump had two picks confirmed on his first inauguration day. biden had none. i would expect to hear complaints from mar-a-lago withe don't have a flurry of nominations on day one. >> i want to go back to the tariffs. what are you hearing in regards to that? >> reporter: definitely a possibility on the table using the emergency economic powers. this is something we have been talking about since november and before the election. i heard this is a tool the trump team is looking at because it is one

this hour the senate is meauxing to confirm trump's treasury secretary pick scott bessent and bring you that vote when it happens. plus, this story. >> our job is lethality and military readiness. executed swiftly and without excuse. liz: that was pete hegseth hitting the ground running saying war fighters are ready to go and dropping dei throughout the military. more news coming in from the executive military and retired special forces vet going for them on the u.s. military and what it means for america. plus, this story. >> is that going to be a constant commitment from the u.s. military every single day to take de-portanova tees out? >> yes. >> is this what we'll see every single day? end ending with millions being deported and americans nationwide finally almost feel safe again. coming up. more action on this story. >> talking about bacon on the campaign trial trail. >> of course. >> those things, what do consumers touch and feel a difference in your lives? liz: media didn't care about biden's inflation and hot for four years and now demand trump fix it in four days? tomi lahren is

larry: by the way scott bessent argued for king dollar and the dollar must remain the world's reserverency, so good for our new treasury secretary. charles: so we're out of time, but i do have to, there's one question from the audience everyone is asking particularly as the promise of maybe cutting government. can it be done. we have george, right? >> yes. thank you for having us. quick question is how do you believe that doge will be impacting the government and the stock market? charles: let's keep it short. will doge work? is it possible? it's easy to identify the waste. can we cut it and get through the bureaucracy? can we get through the embedded interest? can the american people come first? can they succeed in this , steve? >> the answer is yes, and it's not just going to be on the budget side. the big thing is the administrative state. the permanent bureaucracy. that they can attack and that they will. year after year, and that'll be a huge reducing of the burden on the american people. larry: doge will undermine the permanent bureaucracy, the deep state. doge will stop what st