Biden’s fiscal failures loom over treasury nominee’s path



Thursday’s confirmation hearing for treasury secretary nominee Scott Bessent carries immense importance, given the fragile state of America’s fiscal foundation. You would expect senators to focus on treasury-related questions. However, instead of addressing the consequences of Janet Yellen financing U.S. debt at the short end of the yield curve or the challenge of refinancing nearly $7 trillion in the coming months, senators chose to grandstand and indulge in self-serving rhetoric.

Bessent opened his statement by highlighting his “only in America” story of achieving the American dream and his determination to preserve it for future generations. He also emphasized the need to secure supply chains, shift from wasteful government spending to productive investments that grow the economy, and maintain tax cuts to prevent massive tax hikes on Americans.

Responding to one senator’s question, Bessent said he often relies on the principle 'no data, no opinion.'

One of the most encouraging aspects of the hearing was Bessent’s repeated focus on Main Street and small businesses. He acknowledged Wall Street’s strong performance in recent years and emphasized the need for a Main Street and small business-led recovery to drive growth and economic strength.

Bessent also recognized the excessive concentration in the U.S. banking system. He noted that regulations implemented after the Great Recession have burdened smaller community banks, hindering their formation and operations. These policies have also increased systemic risk by consolidating assets among larger financial institutions. His acknowledgment of the need for policies that prioritize Main Street over Wall Street is both refreshing and essential.

In response to a question from Senator Marsha Blackburn (R-Tenn.) about central bank digital currencies — a digital version of the U.S. dollar that could be controlled and programmed by the Federal Reserve and the government — Bessent expressed opposition. He sees no need for the United States to adopt a CBDC, a stance that likely reassures many Americans concerned about potential threats to individual freedoms.

Oddly, much of the discussion, particularly from the Democratic senators, was centered around tax policy versus spending, with the senators refusing to acknowledge their starring role in the overspending, that the Tax Cuts and Jobs Act increased government revenue, or that collections are not a deficit driver — spending is.

We have a tough road ahead. The Biden administration has left the United States with a debt-to-GDP ratio exceeding 120% and a deficit at 6%-7% of GDP — levels typically seen during wartime, not in a period of “economic expansion.” Combined with a strong dollar, substantial foreign asset holdings, and other factors, returning to a sustainable and prosperous economic path will require careful execution.

Bessent brings extensive experience across Wall Street, central bank advisory roles, and other economic arenas, equipping him with the qualifications and temperament needed to navigate this uncertain terrain. Responding to one senator’s question, Bessent said he often relies on the principle “no data, no opinion.”

Bessent’s confirmation should proceed smoothly, but the real test lies ahead as he takes on the daunting task of stabilizing America’s financial foundation.

Biden Blocks Japanese Company’s $14 Billion Takeover of US Steel

President Joe Biden blocked the Japanese company Nippon Steel’s $14 billion bid to buy U.S. Steel on Friday, saying it posed a threat to national security.

The post Biden Blocks Japanese Company’s $14 Billion Takeover of US Steel appeared first on .

'Final insult': Biden admin signs off on $5.9 billion more for Ukraine



President Joe Biden approved $2.5 billion in "security assistance" while Treasury Secretary Janet Yellen simultaneously issued another $3.4 billion in "direct budget support" for Ukraine on Monday.

In total, the Biden administration greenlit nearly $6 billion in Ukraine aid in just one day. Since Russia invaded in February 2022, Ukraine has received over $175 billion in aid from the Biden administration, with the president vowing to continue to "work relentlessly" to "strengthen" Ukraine through the remainder of his term.

'Americans have suffered through four years of America-last policies. The country looks to January 20 with unabated hope.'

"The Department of Defense is in the process of delivering hundreds of thousands of artillery rounds, thousands of rockets, and hundreds of armored vehicles which will strengthen Ukraine’s hand as it heads into the winter," Biden said in a Monday statement. "At my direction, the United States will continue to work relentlessly to strengthen Ukraine’s position in this war over the remainder of my time in office."

"Economic assistance from the United States and our allies is crucial for Ukraine’s ability to defend its sovereignty and achieve a just peace by maintaining the critical government services that underpin its brave fight," Yellen said in a Monday statement.

Republican Rep. Chip Roy of Texas, one of the most fiscally conservative House Republicans, pointed out that billions of dollars in foreign funding has become the norm, no matter the party in charge.

“More of the same," Roy told Blaze News. "Funded by a GOP House, by the way."

Other Republicans blame Biden, pointing to the exorbitant price tag that struggling Americans are funding.

"This administration's latest move to send billions more to Ukraine is a final insult to the American people," Republican Rep. Michael Cloud of Texas told Blaze News. "Our border is in crisis, families are crushed under inflation, and instead of addressing these pressing issues, he's funneling our tax dollars overseas. Thankfully, we'll soon have a president who fights for a secure border, protects our families, and defends the priorities of the American people."

"Joe Biden continues to push the limits of constitutionality with his latest unilateral Ukraine giveaway," Republican Rep. Andy Biggs of Arizona told Blaze News. "Americans have suffered through four years of America-last policies. The country looks to January 20 with unabated hope."

Like Blaze News? Bypass the censors, sign up for our newsletters, and get stories like this direct to your inbox. Sign up here!

Joe Biden Met With Hunter’s Business Associates More Times Than With His Cabinet

The WSJ reports Biden met infrequently with his cabinet, while emails show he interacted 'countless' times with his degenerate son's clients.

US Treasury Turns Frozen Russian Assets Into $20 Billion Loan For Ukraine

'Paid for by the windfall proceeds earned from Russia's own immobilized assets'

Shots fired outside Treasury Secretary Janet Yellen's home; Secret Service involved



The U.S. Secret Service said one agent was involved in a shooting outside of the home of Janet Yellen, the secretary of the treasury, overnight.

The agent assigned to Yellen's home in Washington, D.C., confronted several people who were trying to open doors of cars in Yellen's neighborhood at about 1:30 a.m., according to a statement from Secret Service spokesperson Anthony Guglielmi.

'There is currently no evidence to indicate anyone was struck.'

"The agent discharged their service weapon, but there is currently no evidence to indicate anyone was struck," he added. "The suspects fled the scene in the sedan, and a lookout was issued to local law enforcement."

He said there was no threat to Yellen during the incident, and she was not harmed.

"The officer involved shooting incident is under investigation by the Metropolitan Police Department Internal Affairs Division's Force Investigations Team, which investigates all law enforcement officer involved shootings in the District of Columbia," he concluded.

Yellen will be replaced by hedge fund manager Scott Bessent if he is approved by the Senate. Yellen has been criticized for inflation during her time at the treasury. In March, she said she regretted claiming that inflation would be "transitory" after it continued to linger and damage Americans' budgets.

Bessent has been criticized by some on the right for his ties to billionaire leftist George Soros, but his supporters praise Bessent as a defender of the free market and opponent of deficit spending.

Like Blaze News? Bypass the censors, sign up for our newsletters, and get stories like this direct to your inbox. Sign up here!

FACT CHECK: Did Janet Yellen Resign As Treasury Secretary?

An image shared on Instagram claims U.S. Treasury Secretary Janet Yellen abruptly resigned from her position on Nov. 24.   View this post on Instagram   A post shared by Ryan Robbins (@ryandrobbins) Verdict: False The claim is false. Neither the U.S. Treasury Department nor Yellen has publicly commented on the claim, and there is […]

Trump And Vance Need To Fix The Debt Bomb Biden And Harris Created

If interest rates go to 8 percent, 'that can become a huge spiral that could take down the finances of this country,' says J.D. Vance.

Elizabeth Warren Celebrates IRS Audits Of Middle-Class Taxpayers

The Internal Revenue Service (IRS) is using a new army of tax collectors to conduct mass audits of middle-income earners.