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data-vars-target-content-id="/entertainment/arts" data-vars-target-content-type="feed" data-vars-type="web_internal_link" data-vars-position-in-subunit="16" data-vars-subunit-name="hamburger_nav" data-vars-subunit-type="component">Culture & Arts</a><a class="left-nav__menu__item left-nav__menu__item--linked left-nav__menu__item--link" href="/news/media" data-vars-item-name="Media" data-vars-item-type="text" data-vars-unit-name="site_header" data-vars-unit-type="nav_bar" data-vars-target-content-id="/news/media" data-vars-target-content-type="feed" data-vars-type="web_internal_link" data-vars-position-in-subunit="17" data-vars-subunit-name="hamburger_nav" data-vars-subunit-type="component">Media</a><a class="left-nav__menu__item left-nav__menu__item--linked left-nav__menu__item--link" href="/entertainment/celebrity" data-vars-item-name="Celebrity" data-vars-item-type="text" data-vars-unit-name="site_header" data-vars-unit-type="nav_bar" data-vars-target-content-id="/entertainment/celebrity" data-vars-target-content-type="feed" data-vars-type="web_internal_link" data-vars-position-in-subunit="18" data-vars-subunit-name="hamburger_nav" data-vars-subunit-type="component">Celebrity</a><a class="left-nav__menu__item left-nav__menu__item--linked left-nav__menu__item--link" href="/entertainment/tv" data-vars-item-name="TV & Film" data-vars-item-type="text" data-vars-unit-name="site_header" data-vars-unit-type="nav_bar" data-vars-target-content-id="/entertainment/tv" data-vars-target-content-type="feed" data-vars-type="web_internal_link" data-vars-position-in-subunit="19" data-vars-subunit-name="hamburger_nav" data-vars-subunit-type="component">TV & Film</a><a class="left-nav__menu__item left-nav__menu__item--linked left-nav__menu__item--link" href="https://www.huffpost.com/entertainment/books" data-vars-item-name="Books" data-vars-item-type="text" data-vars-unit-name="site_header" data-vars-unit-type="nav_bar" data-vars-target-content-id="/entertainment/books" data-vars-target-content-type="feed" data-vars-type="web_internal_link" data-vars-position-in-subunit="20" data-vars-subunit-name="hamburger_nav" data-vars-subunit-type="component">Books</a></div><div class="left-nav__menu__group"><h2 class="left-nav__menu__item--heading"><a class="left-nav__menu__item left-nav__menu__item--linked left-nav__menu__item--heading" href="/life/" data-vars-item-name="Life" data-vars-item-type="text" data-vars-unit-name="site_header" data-vars-unit-type="nav_bar" data-vars-target-content-id="/life/" data-vars-target-content-type="feed" data-vars-type="web_internal_link" data-vars-position-in-subunit="21" data-vars-subunit-name="hamburger_nav" data-vars-subunit-type="component">Life</a></h2><span></span><a class="left-nav__menu__item left-nav__menu__item--linked left-nav__menu__item--link" href="/life/style" data-vars-item-name="Style & Beauty" data-vars-item-type="text" data-vars-unit-name="site_header" data-vars-unit-type="nav_bar" data-vars-target-content-id="/life/style" data-vars-target-content-type="feed" data-vars-type="web_internal_link" data-vars-position-in-subunit="22" data-vars-subunit-name="hamburger_nav" data-vars-subunit-type="component">Style & Beauty</a><a class="left-nav__menu__item left-nav__menu__item--linked left-nav__menu__item--link" href="/life/taste" data-vars-item-name="Food & Drink" data-vars-item-type="text" data-vars-unit-name="site_header" data-vars-unit-type="nav_bar" data-vars-target-content-id="/life/taste" data-vars-target-content-type="feed" data-vars-type="web_internal_link" data-vars-position-in-subunit="23" data-vars-subunit-name="hamburger_nav" data-vars-subunit-type="component">Food & Drink</a><a class="left-nav__menu__item left-nav__menu__item--linked left-nav__menu__item--link" href="/life/parents" data-vars-item-name="Parenting" data-vars-item-type="text" data-vars-unit-name="site_header" data-vars-unit-type="nav_bar" data-vars-target-content-id="/life/parents" data-vars-target-content-type="feed" data-vars-type="web_internal_link" data-vars-position-in-subunit="24" data-vars-subunit-name="hamburger_nav" data-vars-subunit-type="component">Parenting</a><a class="left-nav__menu__item left-nav__menu__item--linked left-nav__menu__item--link" href="/life/travel" data-vars-item-name="Travel" data-vars-item-type="text" data-vars-unit-name="site_header" data-vars-unit-type="nav_bar" data-vars-target-content-id="/life/travel" data-vars-target-content-type="feed" data-vars-type="web_internal_link" data-vars-position-in-subunit="25" data-vars-subunit-name="hamburger_nav" data-vars-subunit-type="component">Travel</a><a class="left-nav__menu__item left-nav__menu__item--linked left-nav__menu__item--link" href="/life/healthy-living" data-vars-item-name="Wellness" data-vars-item-type="text" data-vars-unit-name="site_header" data-vars-unit-type="nav_bar" data-vars-target-content-id="/life/healthy-living" data-vars-target-content-type="feed" data-vars-type="web_internal_link" data-vars-position-in-subunit="26" data-vars-subunit-name="hamburger_nav" data-vars-subunit-type="component">Wellness</a><a class="left-nav__menu__item left-nav__menu__item--linked left-nav__menu__item--link" href="/life/relationships" data-vars-item-name="Relationships" data-vars-item-type="text" data-vars-unit-name="site_header" data-vars-unit-type="nav_bar" data-vars-target-content-id="/life/relationships" data-vars-target-content-type="feed" data-vars-type="web_internal_link" data-vars-position-in-subunit="27" data-vars-subunit-name="hamburger_nav" data-vars-subunit-type="component">Relationships</a><a class="left-nav__menu__item left-nav__menu__item--linked left-nav__menu__item--link" href="/life/money" data-vars-item-name="Money" data-vars-item-type="text" data-vars-unit-name="site_header" data-vars-unit-type="nav_bar" data-vars-target-content-id="/life/money" data-vars-target-content-type="feed" data-vars-type="web_internal_link" data-vars-position-in-subunit="28" data-vars-subunit-name="hamburger_nav" data-vars-subunit-type="component">Money</a><a class="left-nav__menu__item left-nav__menu__item--linked left-nav__menu__item--link" href="/life/huffpost-home" data-vars-item-name="Home & Living" data-vars-item-type="text" data-vars-unit-name="site_header" data-vars-unit-type="nav_bar" data-vars-target-content-id="/life/huffpost-home" data-vars-target-content-type="feed" data-vars-type="web_internal_link" data-vars-position-in-subunit="29" data-vars-subunit-name="hamburger_nav" data-vars-subunit-type="component">Home & Living</a><a class="left-nav__menu__item left-nav__menu__item--linked left-nav__menu__item--link" href="/life/worklife" data-vars-item-name="Work/Life" data-vars-item-type="text" data-vars-unit-name="site_header" data-vars-unit-type="nav_bar" data-vars-target-content-id="/life/worklife" data-vars-target-content-type="feed" data-vars-type="web_internal_link" data-vars-position-in-subunit="30" data-vars-subunit-name="hamburger_nav" data-vars-subunit-type="component">Work/Life</a><a class="left-nav__menu__item left-nav__menu__item--linked left-nav__menu__item--link" href="/life/huffpost-shopping" data-vars-item-name="Shopping" data-vars-item-type="text" data-vars-unit-name="site_header" data-vars-unit-type="nav_bar" data-vars-target-content-id="/life/huffpost-shopping" data-vars-target-content-type="feed" data-vars-type="web_internal_link" data-vars-position-in-subunit="31" data-vars-subunit-name="hamburger_nav" data-vars-subunit-type="component">Shopping</a></div><div class="left-nav__menu__group"><h2 class="left-nav__menu__item--heading"><a class="left-nav__menu__item left-nav__menu__item--linked left-nav__menu__item--heading" href="/voices/" data-vars-item-name="Voices" data-vars-item-type="text" data-vars-unit-name="site_header" data-vars-unit-type="nav_bar" data-vars-target-content-id="/voices/" data-vars-target-content-type="feed" data-vars-type="web_internal_link" data-vars-position-in-subunit="32" data-vars-subunit-name="hamburger_nav" data-vars-subunit-type="component">Voices</a></h2><span></span><a class="left-nav__menu__item left-nav__menu__item--linked left-nav__menu__item--link" href="/voices/black-voices" data-vars-item-name="Black Voices" data-vars-item-type="text" data-vars-unit-name="site_header" data-vars-unit-type="nav_bar" data-vars-target-content-id="/voices/black-voices" data-vars-target-content-type="feed" data-vars-type="web_internal_link" data-vars-position-in-subunit="33" data-vars-subunit-name="hamburger_nav" data-vars-subunit-type="component">Black Voices</a><a class="left-nav__menu__item left-nav__menu__item--linked left-nav__menu__item--link" href="/voices/queer-voices" data-vars-item-name="Queer Voices" data-vars-item-type="text" data-vars-unit-name="site_header" data-vars-unit-type="nav_bar" data-vars-target-content-id="/voices/queer-voices" data-vars-target-content-type="feed" data-vars-type="web_internal_link" data-vars-position-in-subunit="34" data-vars-subunit-name="hamburger_nav" data-vars-subunit-type="component">Queer Voices</a><a class="left-nav__menu__item left-nav__menu__item--linked left-nav__menu__item--link" href="/voices/latino-voices" data-vars-item-name="Latino Voices" data-vars-item-type="text" data-vars-unit-name="site_header" data-vars-unit-type="nav_bar" data-vars-target-content-id="/voices/latino-voices" data-vars-target-content-type="feed" data-vars-type="web_internal_link" data-vars-position-in-subunit="35" data-vars-subunit-name="hamburger_nav" data-vars-subunit-type="component">Latino Voices</a><a class="left-nav__menu__item left-nav__menu__item--linked left-nav__menu__item--link" href="https://www.huffpost.com/voices/indigenous-voices" data-vars-item-name="Indigenous Voices" data-vars-item-type="text" data-vars-unit-name="site_header" data-vars-unit-type="nav_bar" data-vars-target-content-id="/voices/indigenous-voices" data-vars-target-content-type="feed" data-vars-type="web_internal_link" data-vars-position-in-subunit="36" data-vars-subunit-name="hamburger_nav" data-vars-subunit-type="component">Indigenous Voices</a><a class="left-nav__menu__item left-nav__menu__item--linked left-nav__menu__item--link" href="/voices/asian-voices" data-vars-item-name="Asian Voices" data-vars-item-type="text" data-vars-unit-name="site_header" data-vars-unit-type="nav_bar" data-vars-target-content-id="/voices/asian-voices" data-vars-target-content-type="feed" data-vars-type="web_internal_link" data-vars-position-in-subunit="37" data-vars-subunit-name="hamburger_nav" data-vars-subunit-type="component">Asian Voices</a><a class="left-nav__menu__item left-nav__menu__item--linked left-nav__menu__item--link" href="/voices/womens-voices" data-vars-item-name="Women's Voices" data-vars-item-type="text" data-vars-unit-name="site_header" data-vars-unit-type="nav_bar" data-vars-target-content-id="/voices/womens-voices" 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data-vars-type="web_internal_link" data-vars-position-in-subunit="2" data-vars-subunit-name="tags" data-vars-subunit-type="package">Russell Vought</a></div></div><h1 class="headline">Trump Chooses Bessent To Be Treasury Secretary, Vought As Budget Chief, Chavez-DeRemer For Labor</h1></div><div class="dek">The announcements were only three of several personnel decisions that Trump disclosed Friday evening.</div><div class="bottom-header js-cet-subunit"><div class="bottom-header__left"><div class="entry__wirepartner entry-wirepartner"><span class="entry-wirepartner__byline">FATIMA HUSSEIN, CHRIS RUGABER, JOSH BOAK and CHRIS MEGERIAN</span><picture><source type="image/webp" srcSet="/static-assets/cambria/app/images/partners/ap.hash-84924a9740fa56f0a31b.png"/><img class="entry-wirepartner__logo img img--inline" fetchpriority="auto" alt="AP logo" src="/static-assets/cambria/app/images/partners/ap.hash-84924a9740fa56f0a31b.png"/></picture></div><div class="timestamp"><time 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'' : '|hp_sticky_video|' + window?.HP?.params?.abStickyVideoTest?.variant; (new Image()).src = 'https://tr.thecontentserver.com/tr/si?token=' + playerId + '&cid=1bf35e8b-3d55-48a6-aef8-0ebfdd277df7'; cnxel.cmd.push(function() { cnxel({ mediaId: "3b879b22-1300-4581-9ab4-6ecb3b234666", playerId: playerId, playlistId: undefined, customParam1: window.localStorage.getItem("cet-page_session_id"), customParam2: "67411c1de4b078cce4af424d", customParam3: "politics,donald trump,republicans,gop,TRUMP" + customParamAbtestSufix, customParam4: "desktop", customParam5: window.HUFFPOST.params.clientUUID, settings: { playbackMode: undefined, disableAdvertising: false, customization: { removeVideoPosterAttribute: true, floating: { mode: undefined, floatingGutterY: 58, } } } }).render("67411cc5e4b02fd32df58ac0", (renderError, playerApi) => { const wrapper = document.getElementById("67411cc5e4b02fd32df58ac0").closest(".connatix-wrapper"); const loadingEl = wrapper !== null ? wrapper.querySelector(".loading-message") : null; if (renderError) { // An error occured while rendering the player if(loadingEl !== null) { loadingEl.classList.add("error"); } ; return; } else { // player is ready and rendered if(loadingEl !== null) { loadingEl.classList.add("loaded"); } const dismissBottomStickyButton = document.querySelector(".ad-bottom-right-sticky__close"); const bottomStickyContainer = document.querySelector(".bottom-right-sticky-container"); if (bottomStickyContainer && dismissBottomStickyButton) { playerApi.on(cnxel.configEvents.FloatingEnterStart, function() { dismissBottomStickyButton.classList.add("slide-out"); bottomStickyContainer.classList.add("video-floating"); }); playerApi.on(cnxel.configEvents.FloatingExitStart , function() { dismissBottomStickyButton.classList.remove("slide-in"); bottomStickyContainer.classList.remove("video-floating"); }); playerApi.on(cnxel.configEvents.CloseButtonClicked , function() { bottomStickyContainer.classList.add("slide-out"); }); } } }); })} ); </script></div></div></div><div class="primary-cli cli cli-text "><p>WASHINGTON (AP) — <a href="https://apnews.com/hub/donald-trump" role="link" class=" js-entry-link cet-external-link" data-vars-item-name="President-elect Donald Trump" data-vars-item-type="text" data-vars-unit-name="67411c1de4b078cce4af424d" data-vars-unit-type="buzz_body" data-vars-target-content-id="https://apnews.com/hub/donald-trump" data-vars-target-content-type="url" data-vars-type="web_external_link" data-vars-subunit-name="article_body" data-vars-subunit-type="component" data-vars-position-in-subunit="0">President-elect Donald Trump</a> announced Friday that he’ll nominate billionaire hedge fund manager Scott Bessent, an <a href="https://apnews.com/article/budget-deficit-trump-harris-kamala-debt-1ee3ff65e22ccf19d19b792ee22c46da" role="link" class=" js-entry-link cet-external-link" data-vars-item-name="advocate for deficit reduction" data-vars-item-type="text" data-vars-unit-name="67411c1de4b078cce4af424d" data-vars-unit-type="buzz_body" data-vars-target-content-id="https://apnews.com/article/budget-deficit-trump-harris-kamala-debt-1ee3ff65e22ccf19d19b792ee22c46da" data-vars-target-content-type="url" data-vars-type="web_external_link" data-vars-subunit-name="article_body" data-vars-subunit-type="component" data-vars-position-in-subunit="1">advocate for deficit reduction</a>, to serve as his next treasury secretary, one of several <a href="https://apnews.com/article/trump-staff-picks-stefanik-wiles-stephen-miller-tom-homan-243d73610b03a3ee18c4d5f68756af7c" role="link" class=" js-entry-link cet-external-link" data-vars-item-name="personnel decisions" data-vars-item-type="text" data-vars-unit-name="67411c1de4b078cce4af424d" data-vars-unit-type="buzz_body" data-vars-target-content-id="https://apnews.com/article/trump-staff-picks-stefanik-wiles-stephen-miller-tom-homan-243d73610b03a3ee18c4d5f68756af7c" data-vars-target-content-type="url" data-vars-type="web_external_link" data-vars-subunit-name="article_body" data-vars-subunit-type="component" data-vars-position-in-subunit="2">personnel decisions</a> that he unveiled as he closed out the workweek.</p></div><div class="primary-cli cli cli-text "><p>Trump also said he would nominate Russell Vought to lead the Office of Management and Budget, the same position he held during Trump’s first presidency. Vought was closely involved with <a href="https://apnews.com/article/project-2025-trump-american-revolution-6e02a297fb91b55de01ba7e86615bb08" role="link" class=" js-entry-link cet-external-link" data-vars-item-name="Project 2025" data-vars-item-type="text" data-vars-unit-name="67411c1de4b078cce4af424d" data-vars-unit-type="buzz_body" data-vars-target-content-id="https://apnews.com/article/project-2025-trump-american-revolution-6e02a297fb91b55de01ba7e86615bb08" data-vars-target-content-type="url" data-vars-type="web_external_link" data-vars-subunit-name="article_body" data-vars-subunit-type="component" data-vars-position-in-subunit="3">Project 2025</a>, a conservative blueprint for Trump’s second term that the GOP nominee tried to distance himself from during the campaign.</p></div><div class="cli cli-advertisement advertisement-holder"><div class="advertisement-sticky-wrapper"><div class="advertisement__label">Advertisement</div><div class="advertisement"><div id="ad-inline-1" class="ad-entry_paragraph_1 ad-spot--gam ad-spot--gam-inline-1"></div> <script type="text/javascript"> HPGam.cmd.push(function(){ return HPGam.render("inline-1", "entry_paragraph_1", false, false); }); </script> </div></div></div><div class="primary-cli cli cli-text "><p>The announcements showed how Trump was trying to balance competing perspectives as he pursues an aggressive and sometimes contradictory economic agenda that includes cutting taxes, reducing government spending, putting tariffs on foreign imports and lowering prices for American consumers.</p></div><figure class="cli cli-image js-no-inject"><div class="img-sized"><div class="img-sized__placeholder" style="width:720px"><div style="padding-top:66.52777777777777%"></div></div><picture><source type="image/webp" srcSet="https://img.huffingtonpost.com/asset/67411c541400002500c3be07.jpeg?cache=5D1NoEw4tv&ops=scalefit_720_noupscale&format=webp"/><img class="img-sized__img landscape" loading="lazy" fetchpriority="auto" alt="Donald Trump, left, listens as investor Scott Bessent speaks on the economy in Asheville, N.C., Wednesday, Aug. 14, 2024." width="720" height="479" src="https://img.huffingtonpost.com/asset/67411c541400002500c3be07.jpeg?cache=5D1NoEw4tv&ops=scalefit_720_noupscale"/></picture></div><div class="cli-image__spacer"></div><div class="cli-image__source-wrapper"><figcaption class="cli-image__caption caption-cli">Donald Trump, left, listens as investor Scott Bessent speaks on the economy in Asheville, N.C., Wednesday, Aug. 14, 2024.</figcaption><div class="cli-image__credit" aria-label="Image Credit: AP Photo/Matt Kelley"><div class="credit-container"><span class="credit">AP Photo/Matt Kelley</span></div></div></div></figure><div class="primary-cli cli cli-text "><p>Although <a href="https://apnews.com/article/treasury-election-scott-bessent-trump-e4df1ef61309ee78f2affc2d9eabeff1" role="link" class=" js-entry-link cet-external-link" data-vars-item-name="Bessent is closely aligned with Wall Street" data-vars-item-type="text" data-vars-unit-name="67411c1de4b078cce4af424d" data-vars-unit-type="buzz_body" data-vars-target-content-id="https://apnews.com/article/treasury-election-scott-bessent-trump-e4df1ef61309ee78f2affc2d9eabeff1" data-vars-target-content-type="url" data-vars-type="web_external_link" data-vars-subunit-name="article_body" data-vars-subunit-type="component" data-vars-position-in-subunit="4">Bessent is closely aligned with Wall Street</a> and could earn bipartisan support, Vought is known as a Republican hardliner on budget and cultural issues.</p></div><div class="primary-cli cli cli-text "><p>Trump said Bessent would “help me usher in a new Golden Age for the United States,” while Vought “knows exactly how to dismantle the Deep State and end Weaponized Government.”</p></div><div class="cli cli-advertisement advertisement-holder"><div class="advertisement-sticky-wrapper"><div class="advertisement__label">Advertisement</div><div class="advertisement"><div id="ad-inline-2" class="ad-entry_paragraph_3 ad-spot--gam ad-spot--gam-inline-2"></div> <script type="text/javascript"> HPGam.cmd.push(function(){ return HPGam.render("inline-2", "entry_paragraph_3", false, false); }); </script> </div></div></div><div class="primary-cli cli cli-text "><p>After announcing his choices for key financial posts, Trump kept up the pace of what has been <a href="https://apnews.com/article/trump-kennedy-transition-vance-gaetz-rfk-60718d1bf7452247d1b994d9909af6b8" role="link" class=" js-entry-link cet-external-link" data-vars-item-name="a breakneck transition process." data-vars-item-type="text" data-vars-unit-name="67411c1de4b078cce4af424d" data-vars-unit-type="buzz_body" data-vars-target-content-id="https://apnews.com/article/trump-kennedy-transition-vance-gaetz-rfk-60718d1bf7452247d1b994d9909af6b8" data-vars-target-content-type="url" data-vars-type="web_external_link" data-vars-subunit-name="article_body" data-vars-subunit-type="component" data-vars-position-in-subunit="5">a breakneck transition process.</a></p></div><div class="primary-cli cli cli-text "><p>Trump picked Rep. Lori Chavez-DeRemer of Oregon, a rare Republican who is considered a stalwart union ally, as his labor secretary. He also said he would nominate Scott Turner, a former football player who worked in Trump’s first administration, to serve as his housing secretary.</p></div><div class="primary-cli cli cli-text "><p>More choices were named for health and national security positions. In less than three weeks since the election, Trump has announced decisions for almost his entire Cabinet.</p></div><div class="primary-cli cli cli-text "><p>Bessent, 62, is the founder of hedge fund Key Square Capital Management, after having worked on-and-off for Soros Fund Management since 1991. If confirmed by the Senate, he would be the nation’s first openly gay treasury secretary.</p></div><div class="primary-cli cli cli-text "><p>He told Bloomberg in August that attacking the U.S. national debt should be a priority, which includes slashing government programs and other spending.</p></div><div class="cli cli-advertisement advertisement-holder"><div class="advertisement-sticky-wrapper"><div class="advertisement__label">Advertisement</div><div class="advertisement"><div id="ad-inline-infinite" class="ad-repeating_dynamic_display ad-spot--gam ad-spot--gam-inline-infinite"></div> <script type="text/javascript"> HPGam.cmd.push(function(){ return HPGam.render("inline-infinite", "repeating_dynamic_display", false, false); }); </script> </div></div></div><div class="primary-cli cli cli-text "><p>“This election cycle is the last chance for the U.S. to grow our way out of this mountain of debt without becoming a sort of European-style socialist democracy,” he said then.</p></div><div class="primary-cli cli cli-text "><p>As of Nov. 8, <a href="https://fiscaldata.treasury.gov/americas-finance-guide/national-debt/" role="link" class=" js-entry-link cet-external-link" data-vars-item-name="the national debt stands at $35.94 trillion" data-vars-item-type="text" data-vars-unit-name="67411c1de4b078cce4af424d" data-vars-unit-type="buzz_body" data-vars-target-content-id="https://fiscaldata.treasury.gov/americas-finance-guide/national-debt/" data-vars-target-content-type="url" data-vars-type="web_external_link" data-vars-subunit-name="article_body" data-vars-subunit-type="component" data-vars-position-in-subunit="6">the national debt stands at $35.94 trillion</a>, with both the Trump and Biden administrations having added to it. Trump’s policies added $8.4 trillion to the national debt, while the Biden administration increased the national debt by $4.3 trillion, according to the Committee for a Responsible Federal Budget, a fiscal watchdog.</p></div><div class="primary-cli cli cli-text "><p>Even as he pushes to lower the national debt by stopping spending, Bessent has backed extending provisions of the Tax Cuts and Jobs Act of 2017, which Trump signed into law in his first year in office. Estimates from different economic analyses of the costs of the various tax cuts range between nearly $6 trillion and $10 trillion over 10 years. Nearly all of the law’s provisions are set to expire at the end of 2025.</p></div><div class="primary-cli cli cli-text "><p>Before becoming a Trump donor and adviser, Bessent donated to various Democratic causes in the early 2000s, notably Al Gore’s presidential run. He also worked for George Soros, a major supporter of <a href="https://www.huffpost.com/news/topic/democratic-party">Democrats</a>. Bessent had an influential role in Soros’ London operations, including his famous 1992 bet against the pound, which generated huge profits on “Black Wednesday,” when the pound was de-linked from European currencies.</p></div><div class="primary-cli cli cli-text "><p>Bessent previously told Bloomberg that he views tariffs as a “one time price adjustment” and “not inflationary,” and he said tariffs imposed during a second Trump administration would be directed primarily at China. And he wrote in a <a href="https://www.huffpost.com/news/topic/fox-news">Fox News</a> op-ed this week that tariffs are “a useful tool for achieving the president’s foreign policy objectives,” such as encouraging allies to spend more on defense or deterring military aggression.</p></div><div class="cli cli-advertisement advertisement-holder"><div class="advertisement-sticky-wrapper"><div class="advertisement__label">Advertisement</div><div class="advertisement"><div id="ad-inline-infinite" class="ad-repeating_dynamic_display ad-spot--gam ad-spot--gam-inline-infinite"></div> <script type="text/javascript"> HPGam.cmd.push(function(){ return HPGam.render("inline-infinite", "repeating_dynamic_display", false, false); }); </script> </div></div></div><div class="primary-cli cli cli-text "><p>In addition, Bessent has floated ideas for how Trump could put pressure on Federal Reserve Chair Jerome Powell, whose term expires in May 2026. Last month, Bessent suggested Trump could name a replacement chair early, and let that person function as a “shadow” chair, with the goal of essentially sidelining Powell.</p></div><div class="primary-cli cli cli-text "><p>But after the election, Bessent reportedly backed away from that plan. Powell, for his part, <a href="https://apnews.com/video/jerome-powell-federal-reserve-system-donald-trump-donald-trump-es-economy-e39ac78af6314c77a6a80e71b5212919" role="link" class=" js-entry-link cet-external-link" data-vars-item-name="has said he wouldn’t step down" data-vars-item-type="text" data-vars-unit-name="67411c1de4b078cce4af424d" data-vars-unit-type="buzz_body" data-vars-target-content-id="https://apnews.com/video/jerome-powell-federal-reserve-system-donald-trump-donald-trump-es-economy-e39ac78af6314c77a6a80e71b5212919" data-vars-target-content-type="url" data-vars-type="web_external_link" data-vars-subunit-name="article_body" data-vars-subunit-type="component" data-vars-position-in-subunit="7">has said he wouldn’t step down</a> if Trump asked him to do so, and added that Trump, as president, wouldn’t have the authority to fire him.</p></div><div class="primary-cli cli cli-text "><p>Trump repeatedly attacked Powell during his first term as president for raising the Fed’s key rate in 2017 and 2018. During the 2024 campaign, he said that as president he should have a “say” in the central bank’s interest rate decisions. Presidents traditionally avoid commenting on the Fed’s policies.</p></div><div class="primary-cli cli cli-text "><p>Vought, 48, was the head of the Office of Management and Budget from mid-2020 to the end of Trump’s first term in 2021, having previously served as the acting director and deputy director. He’s paired a deep knowledge of government finances with his own Christian faith.</p></div><div class="primary-cli cli cli-text "><p>After Trump’s initial term ended, Vought founded the Center for Renewing America, a think tank that describes its mission as renewing “a consensus of America as a nation under God.”</p></div><div class="cli cli-advertisement advertisement-holder"><div class="advertisement-sticky-wrapper"><div class="advertisement__label">Advertisement</div><div class="advertisement"><div id="ad-inline-infinite" class="ad-repeating_dynamic_display ad-spot--gam ad-spot--gam-inline-infinite"></div> <script type="text/javascript"> HPGam.cmd.push(function(){ return HPGam.render("inline-infinite", "repeating_dynamic_display", false, false); }); </script> </div></div></div><div class="primary-cli cli cli-text "><p>The Center for Renewing America released its own 2023 budget proposal entitled “A Commitment to End Woke and Weaponized Government.” The proposal envisioned $11.3 trillion worth of spending reductions over 10 years and about $2 trillion in income tax cuts in order to bring the budget into surplus by 2032.</p></div><div class="primary-cli cli cli-text "><p>“The immediate threat facing the nation is the fact that the people no longer govern the country; instead, the government itself is increasingly weaponized against the people it is meant to serve,” Vought wrote in the introduction.</p></div><div class="primary-cli cli cli-text "><p>Vought’s proposed budget plan would cut spending on food aid through the Agriculture Department. There would be $3.3 trillion in spending reductions in the Health and Human Services Department in large part through how Medicaid and Medicare funds are distributed. It also contains about $642 billion in cuts to Affordable Care Act. The budgets for the Housing and Urban Development and Education departments would also be cut.</p></div><div class="primary-cli cli cli-text "><p>Vought’s budget ideas were independent of Trump, who has not entirely spelled out the details of his economic plans.</p></div><div class="primary-cli cli cli-text "><p>Trump’s choice for labor secretary, Chavez-DeRemer, 56, narrowly lost her reelection bid earlier this month. She received strong backing from union members in her district.</p></div><div class="cli cli-advertisement advertisement-holder"><div class="advertisement-sticky-wrapper"><div class="advertisement__label">Advertisement</div><div class="advertisement"><div id="ad-inline-infinite" class="ad-repeating_dynamic_display ad-spot--gam ad-spot--gam-inline-infinite"></div> <script type="text/javascript"> HPGam.cmd.push(function(){ return HPGam.render("inline-infinite", "repeating_dynamic_display", false, false); }); </script> </div></div></div><div class="primary-cli cli cli-text "><p>Chavez-DeRemer is one of a few House <a href="https://www.huffpost.com/news/topic/republican-party">Republicans</a> to endorse <a href="https://apnews.com/article/3c776a12a97468341bcfe8178638f127" role="link" class=" js-entry-link cet-external-link" data-vars-item-name="the “Protecting the Right to Organize” or PRO Act" data-vars-item-type="text" data-vars-unit-name="67411c1de4b078cce4af424d" data-vars-unit-type="buzz_body" data-vars-target-content-id="https://apnews.com/article/3c776a12a97468341bcfe8178638f127" data-vars-target-content-type="url" data-vars-type="web_external_link" data-vars-subunit-name="article_body" data-vars-subunit-type="component" data-vars-position-in-subunit="8">the “Protecting the Right to Organize” or PRO Act</a> that would allow more workers to conduct organizing campaigns and would add penalties for companies that violate workers’ rights. The act would also weaken “right-to-work” laws that allow employees in more than half the states to avoid participating in or paying dues to unions that represent workers at their places of employment.</p></div><div class="primary-cli cli cli-text "><p>Trump said in a statement that she would help “ensure that the Labor Department can unite Americans of all backgrounds behind our Agenda for unprecedented National Success.”</p></div><div class="primary-cli cli cli-text "><p>In addition, Trump added to his health team on Friday evening. He chose Dr. Janette Nesheiwat, a general practitioner and Fox News contributor, to be surgeon general; Dr. Dave Weldon, a former Republican congressman from Florida, to lead the Centers for Disease Control and Prevention; and <a href="https://apnews.com/article/fda-trump-marty-makary-34424f5fefcbbc334c1983b025523aad" role="link" class=" js-entry-link cet-external-link" data-vars-item-name="Dr. Marty Makary" data-vars-item-type="text" data-vars-unit-name="67411c1de4b078cce4af424d" data-vars-unit-type="buzz_body" data-vars-target-content-id="https://apnews.com/article/fda-trump-marty-makary-34424f5fefcbbc334c1983b025523aad" data-vars-target-content-type="url" data-vars-type="web_external_link" data-vars-subunit-name="article_body" data-vars-subunit-type="component" data-vars-position-in-subunit="9">Dr. Marty Makary</a>, a Johns Hopkins surgeon, as head of the Food and Drug Administration.</p></div><div id="support-huffpost-entry" class="cli support-huffpost-mid-article primary-cli cli cli-text cli-support-huffpost"><div class="cli-support-huffpost__content-wrapper"><h4 class="cli-support-huffpost__title">Democracy In The Balance</h4><div class="cli-support-huffpost__container"><div class="cli-support-huffpost__message-container"><div class="cli-support-huffpost__message support-huffpost-control"><p>Don't let this be the end of the free press. The free press is under attack — and America's future hangs in the balance. As other newsrooms bow to political pressure, HuffPost is not backing down.</p><p><a href="https://www.huffpost.com/membership" class="cli-support-huffpost__message__link js-entry-link" data-vars-item-name="Would you help us keep our news free for all?" data-vars-item-type="text" data-vars-unit-name="main" data-vars-unit-type="buzz_body" data-vars-target-content-id="/membership" data-vars-target-content-type="utility" data-vars-type="web_internal_link" data-vars-subunit-name="article_body" data-vars-subunit-type="component" data-vars-position-in-subunit="12">Would you help us keep our news free for all?</a> We can't do it without you.</p><p class="cli-support-huffpost__message__login-prompt">Can't afford to contribute? Support HuffPost by <a href="/member" class="js-entry-link" data-vars-item-name="creating a free account" data-vars-item-type="text" data-vars-unit-name="main" data-vars-unit-type="buzz_body" data-vars-target-content-id="/member" data-vars-target-content-type="feed" data-vars-type="web_internal_link" data-vars-subunit-name="article_body" data-vars-subunit-type="component" data-vars-position-in-subunit="13">creating a free account</a> and log in while you read.</p></div><div class="cli-support-huffpost__message variation contributor-once-variation"><p>You've supported HuffPost before, and we'll be honest — <a href="https://www.huffpost.com/membership" class="cli-support-huffpost__message__link js-entry-link" data-vars-item-name="we could use your help again" data-vars-item-type="text" data-vars-unit-name="main" data-vars-unit-type="buzz_body" data-vars-target-content-id="/membership" data-vars-target-content-type="utility" data-vars-type="web_internal_link" data-vars-subunit-name="article_body" data-vars-subunit-type="component" data-vars-position-in-subunit="12">we could use your help again</a>. We view our mission to provide free, fair news as critically important in this crucial moment, and we can't do it without you.</p><p>Whether you give once or many more times, we appreciate your contribution to keeping our journalism free for all.</p></div><div class="cli-support-huffpost__message variation contributor-canceled-variation"><p>You've supported HuffPost before, and we'll be honest — <a href="https://www.huffpost.com/membership" class="cli-support-huffpost__message__link js-entry-link" data-vars-item-name="we could use your help again" data-vars-item-type="text" data-vars-unit-name="main" data-vars-unit-type="buzz_body" data-vars-target-content-id="/membership" data-vars-target-content-type="utility" data-vars-type="web_internal_link" data-vars-subunit-name="article_body" data-vars-subunit-type="component" data-vars-position-in-subunit="12">we could use your help again</a>. 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Wong worked on issues involving Asia during Trump’s first term, and Gorka is a conservative commentator who spent less than a year in Trump’s first White House.</p></div><div class="cli cli-advertisement advertisement-holder"><div class="advertisement-sticky-wrapper"><div class="advertisement__label">Advertisement</div><div class="advertisement"><div id="ad-inline-infinite" class="ad-repeating_dynamic_display ad-spot--gam ad-spot--gam-inline-infinite"></div> <script type="text/javascript"> HPGam.cmd.push(function(){ return HPGam.render("inline-infinite", "repeating_dynamic_display", false, false); }); </script> </div></div></div><aside class="cli cli-related-articles js-cet-subunit"><div class="cli-related-articles__content-wrapper"><h2 class="cli-related-articles__title tagsRendered">Related</h2><section class="entry__tags js-cet-subunit recirc-tags"><a class="entry__tag js-entry-link cet-internal-link" href="https://www.huffpost.com/news/topic/donald-trump" 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