Scott Bessent: US will face ‘economic calamity’ for ‘middle and working class’

Americans will face an unparalleled “economic calamity” that might cost the dollar its status as the world’s reserve currency if Congress doesn’t renew President-elect Donald Trump’s 2017 tax cuts, Treasury Secretary-designate Scott Bessent declared during his Senate confirmation hearing, Report informs via The New York Post.

Bessent warned lawmakers that the US risks a “crushing $4 trillion tax hike” — the largest in its history — if the 45th president’s marquee legislation is allowed to sunset at the end of this year.

“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,” the 62-year-old hedge fund manager told members of the Senate Finance Committee.