U.S. Treasury Secretary Scott Bessent appeared on Fox Business Thursday to discuss a strategy that he said is aimed at reducing the regulatory burden that has plagued the economy in recent years.
In a commitment to bolster economic growth and alleviate financial pressures on American families, Bessent said on “Kudlow” that his forthcoming tax bill intends to stimulate the economy and create a culture of efficiency and accountability within the government.
“Changing the growth trajectory of a nation changes the debt dynamics and, as I always say, I am America’s leading bond salesman, and I have a great story to tell,” Bessent told Larry Kudlow.
The focus is crystal clear, Bessent said, to make the tax cuts permanent, reduce energy costs, and, critically, scale back the regulatory overreach that has been a significant burden.
“We’re going to get this tax bill done, and that will increase growth that we are committed to, common sense in government, more efficiency, rooting out waste, fraud and inefficiency. So we’re going to bring costs down, revenues up, and that’s a fantastic growth scenario. So we’ll make the tax cuts permanent,” Bessent said.
Bessent discussed the policies of the Biden administration, which, he said, piled on regulations that constrained business and economic activity.
“We’ll bring energy costs down and, Larry, as you know better than anyone, one of the biggest costs on the American people the past few years have just been these out of control regulations that the previous administration put in,” Bessent added. “So in President Trump’s first term, the goal was to eliminate three regulations for everyone that was added. I believe it worked out to seven were cut for everyone that was added.”
Bessent said he would work alongside Congress to make the 2017 tax cuts, which were initiated during President Donald Trump’s first term, permanent. He said that extending these cuts is the most pressing economic issue of the day. In support of this, the House passed a budget resolution that would prolong the Trump-era tax reductions through a significant reconciliation bill.
(Featured Image Media Credit: Screenshot/Fox Business)
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