Treasury Sec. Scott Bessent testifies before Senate panel on Trump's budget request — 6/3/2026

Summary

Treasury Secretary Scott Bessent testifies before the Senate Finance Committee on President Trump's FY2027 budget request. The hearing focuses heavily on the controversial IRS settlement granting Trump and his family audit immunity, as well as the impact of tax cuts, tariffs, and the Iran war on the economy.

• Secretary Bessent defends the Working Families Tax Cuts Act, citing increased refunds and economic growth.
• Democratic senators repeatedly question the legality and ethics of the IRS settlement with President Trump.
• Bessent deflects questions about the settlement, citing ongoing litigation and referring to the Department of Justice.
• Topics include the national debt, Social Security insolvency, digital asset regulation, and critical mineral supply chains.
• Bessent expresses confidence in the economy's underlying strength despite temporary inflation from the Iran conflict.
• Senators from both parties raise concerns about affordability for working-class families and farmers.