Treasury Secretary Scott Bessent, the first openly gay member confirmed by a Republican Senate, is expected to lead an initiative to extend the 2017 tax cuts. During his confirmation, he emphasized that federal budget challenges are more about spending than revenue generation. He outlined a 3-3-3 economic plan designed to reduce the deficit to 3% of GDP, achieve 3% GDP growth, and increase oil production. The Mortgage Bankers Association expressed strong support for his swift confirmation and looks forward to working on policies that bolster housing and real estate markets.
Bessent contended that federal budget issues are tied to spending, not revenues. He also laid out an economic plan to reduce the deficit and boost GDP.
Bessent's economic plan, known as 3-3-3, aims to lower the federal budget deficit to 3% of GDP and increase real GDP growth to 3%.
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