By Brett Rowland | The Center Square
President-elect Donald Trump’s nominee to lead the Treasury Department said federal spending is “out of control.”
Scott Bessent, an investor and hedge fund manager, testified Thursday before the U.S. Senate Finance Committee.
“We do not have a revenue problem in the United States of America. We have a spending problem,” Bessent said. “This is one of the things that got me out from behind my desk and my quiet life in this campaign, was the thought that this spending is out of control.”
The U.S. national debt stands at more than $36 trillion and is expected to surpass $37 trillion later this year. Experts and federal authorities, including the U.S. Government Accountability Office, have warned for years that federal spending remains on an unsustainable path.