Who is Trump’s treasury secretary pick, Scott Bessent?
Vincent Alban/Bloomberg via Getty Images
(WASHINGTON) — Scott Bessent, a billionaire hedge fund manager who has helped fundraise for Donald Trump, is the president-elect’s choice to lead the Department of Treasury.
Bessent has advised Trump on economic policy and has been a frequent presence at Trump’s Mar-a-Lago club over the last two weeks.
The announcement for the job, which needs Senate approval, was supposed to come earlier but had been stalled due to intense infighting among Trump’s top advisers — including transition co-chair Howard Lutnick — about who should get the job.
“Scott is widely respected as one of the World’s foremost International Investors and Geopolitical and Economic Strategists. Scott’s story is that of the American Dream,” Trump said in his announcement statement.
Bessent, 62, has been involved in financial firms for over 35 years.
Born and raised in Conway, South Carolina, Bessent graduated from Yale University in 1984.
After graduating from Yale in 1984, Bessent went to work for different investment companies.
He worked for Democratic megadonor George Soros from 1991 to 2000, where he was a managing partner. Later, he returned to Soros Fund Management (SFM) – the private investment firm that manages assets for the Open Society Foundations – as chief investment officer from 2011 to 2015.
Bessent has also been associated with Brown Brothers Harriman, The Olayan Group, Kynikos Associates and Protégé Partners.
Economists from both sides of the aisle believe Bessent is a middle-of-the-road pick.
Bessent made large donations supporting Trump and served as an economic adviser. He has also made several television appearances on behalf of the president-elect.
Bessent spoke at a conference run by the Manhattan Institute in June, where he laid out a three-point economic plan that he intended to propose to Trump.
“Well, I might even advise him to campaign on three arrows,” Bessent said. “It would be 3% real economic growth, and how do you get that? Through deregulation, more U.S. energy production, slaying inflation and forward guidance on competence for people to make investments — so that the private sector can take over from this bloated government spending.”
Bessent, who is gay, resides in New York City with his partner and two children.
As the highly anticipated treasury pick lingered, Elon Musk threw his support behind Howard Lutnick over Scott Bessent.
“Would be interesting to hear more people weigh in on this for @realDonaldTrump to consider feedback. My view [for what it’s worth] is that Bessent is a business-as-usual choice, whereas @howardlutnick will actually enact change,” Musk wrote on X. “Business-as-usual is driving America bankrupt, so we need change one way or another.”
U.S. Air Force Gen. James Hecker, U.S. Air Forces in Europe – Air Forces Africa commander, awards Capt. Lacie Hester, 494th Fighter Squadron F-15E weapon systems officer, with the Silver Star during a ceremony at RAF Lakenheath, Nov. 12, 2024. Senior Airman Seleena Muhammad-a/48th Fighter Wing
(WASHINGTON) — The Air Force has awarded the Silver Star to a female airman for the first time following her role in the shootdown of more than 80 Iranian drones that were part of Iran’s large missile and drone attack on Israel in mid-April.
The historic award of the nation’s third-highest award for valor to a female airman comes at a time when the role of women in ground combat units has been front and center because of critical comments made by Pete Hegseth, President-elect Donald Trump’s pick to be the next defense secretary.
Capt. Lacie “Sonic” Hester, an F-15E instructor weapons systems officer, is the first Air Force woman to receive the Silver Star and only the 10th female service member ever to receive the award. Also receiving the Silver Star on Tuesday was her pilot, Maj. Benjamin “Irish” Coffey, for his role in coordinating the shootdowns from their two-seat fighter and then using all of their missiles and their fighter’s Gatling guns to bring down some of the drones.
Tuesday’s award ceremony at their home base of Royal Air Force Lakenheath in the United Kingdom honored the men and women of the 494th Fighter Squadron and the 494th Fighter Generation Squadron with two Silver Stars, six Distinguished Flying Crosses with the valor device, four Distinguished Flying Crosses with the combat device, four Distinguished Flying Crosses, two Bronze Stars, seven Air and Space Commendation Medals and seven Air and Space Achievement Medals.
On the night of April 13, Iran launched more than 300 ballistic missiles and drones at Israel in retaliation for an Israeli missile strike in Damascus, Syria, that killed a top Iranian commander. U.S. military aircraft and naval ships helped Israel in bringing down 99% of the weapons Iran fired at Israel in the attack.
The actions by the U.S. Air Force units involved in the shootdown of about 80 Iranian drones have been described as the largest air-to-air enemy engagement by the United States in over 50 years. Soon after the attack, President Joe Biden reached out to the commanders of the two units involved, the 494th Expeditionary Fighter Squadron and 335th Expeditionary Fighter Squadron, to praise their units’ actions.
One of those commanders was Lt. Col. Timothy “Diesel” Causey, the commander of the 494th Fighter Squadron.
“We all fell into an execution rhythm: Call, shoot, and confirm the target was destroyed before we moved on to the next task we had to accomplish to keep everyone safe,” Causey said in a U.S. Air Force story about this week’s ceremony.
On the night of April 13, the F-15E’s from his squadron flew 14 sorties from an undisclosed base in the Middle East to shoot down the incoming drones. Patriot air defense missiles at the base were also fired to intercept the drones. Some of those fighters had to return and refuel before going back up to engage more of the drones, some of which occurred so close to that base that some of the falling debris landed on that base.
“Although intelligence provided the numbers of how many [one-way attack] drones we could expect to see, it was still surprising to see them all,” Hester said in an Air Force interview.
That night, Coffey and Hester were the airborne mission commanders directing the fighters toward the drones and were also actively engaged in shooting down drones, resorting to bringing the drones down with their fighter’s Gatling guns after they had used up all of their air-to-air missiles.
“It takes a high-performing team with high-performing individuals to be able to find these things to begin with and then to engage it,” Coffey said.
Among those receiving awards this week were many members of the squadrons’ airmen on the ground who helped keep the fighters flying in and out, especially as some of the fighters experienced in-flight emergencies.
Hester’s receipt of the Silver Star occurred the same week that Hegseth drew scrutiny for recent comments on a podcast in which he criticized the decision to allow women to serve in ground combat units.
“I’m straight up just saying, we should not have women in combat roles,” Hegseth said last week on the “The Shawn Ryan Show.”
The process of integrating women into combat units was a gradual one that began in 1993, when Defense Secretary Les Aspin issued an order that allowed women to fly fighter jets and bomber aircraft in combat.
But women were not allowed to serve in ground combat units until 2013, when Defense Secretary Leon Panetta rescinded the ban, which was subsequently enhanced in 2015 by Defense Secretary Ash Carter, who cleared the path for women to serve in jobs that were still limited to men, including some in special operations.
On the podcast, Hegseth drew a distinction between women serving as pilots and those serving in ground combat units.
“I’m not talking about pilots,” Hegseth said. “I’m talking about physical labor type, labor intensive type job. … I’m talking about something where strength is a differentiator. Pilots? Give me a female pilot all day long. I got no issues with that.”
(WASHINGTON) — Democrats have long said that they remain competitive in Florida and Texas, two erstwhile swing states that have jolted right in recent election cycles.
Now, they’re putting their money where their mouth is.
The Democratic National Committee on Friday announced a six-figure investment of over $400,000 for get out the vote efforts in Florida to boost Vice President Kamala Harris and former House member and Senate nominee Debbie Mucarsel-Powell, the party first told ABC News. And Senate Democrats’ campaign arm announced Thursday a “multi-million dollar” advertising investment in Florida and Texas, where GOP Sen. Ted Cruz is facing Democratic Rep. Colin Allred.
The DNC also is rolling out a new $2.5 million investment in state parties to provide funding to all 57 states and territories for the first time ever in one election cycle.
“[F]lorida is in play,” DNC Chairman Jaime Harrison said in a statement. “With Vice President Harris at the helm and record-breaking investments in the Florida coordinated campaign, we have the momentum to finish strong and deliver wins for Democrats up and down the ballot.”
“Senate Democrats are expanding the map and going on offense,” Democratic Senatorial Campaign Committee Chair Sen. Gary Peters said in a separate statement. “All cycle long the DSCC has been preparing to take advantage of Sens. Cruz and Scott’s damaged standings in their states — and now our efforts in Texas and Florida are accelerating.”
Democrats in Washington had long insisted to the media that Florida and Texas were still competitive for president and Senate, though Democrats have been burned in each state before.
Florida, once a swing state that former President Barack Obama won twice, has sharply moved toward Republicans, handing former President Donald Trump back-to-back wins and reelecting GOP Gov. Ron DeSantis by over 19 points in 2022. Texas has been a white whale for Democrats who have been bullish that the state’s diversifying electorate make it primed for gains but have failed to pull off any major wins there and have actually lost ground in the Rio Grande region.
The world of campaign finance is large but finite, and Democrats are also spending money to protect Senate incumbents in red and purple states like Michigan, Montana, Ohio, Pennsylvania, Wisconsin and more. On top of that, both Florida and Texas are massive, packed with expensive media markets.
However, Democrats appear increasingly in need of offense as they try to protect their 51-49 Senate majority. West Virginia Independent Sen. Joe Manchin is retiring, handing Republicans a nearly guaranteed flip, and polls are painting a dour picture for Montana Sen. Jon Tester’s reelection chances, so any chance to win a GOP-held seat could be key to a future Democratic majority.
“Now [Florida and Texas] are not cheap states. They’re big states, but the investment is something that we’re very excited about,” Michigan’s Peters said Thursday at the National Press Club. “We have an opportunity with fundraising and money coming in that we feel comfortable now these are good investments. We’re making multimillion dollar investments in Florida and Texas, and with that, we have a real shot at winning those states.”
The news is music to Florida Democrats’ ears, who had been clamoring for resources since the beginning of the election cycle, warning that ignoring the state would set Democrats even further back on their path back to relevance. Both Florida and Texas had been included in previous tranches of support, but they were far from a focus of Democrats’ money machine.
“Debbie is a very strong and likable candidate that connects well with voters. She’s relatable. It’s hard to relate to Scott,” one Florida Democratic strategist said, of Scott, who is one of Congress’ wealthiest members. “So, yes, I think another $400K matters, and hopefully more is coming. Every penny matters.”
Polling has indicated the races are somewhat close. The polling averages from 538 show Scott ahead by under 5 points and Cruz leading by under 4 points, though neither has ever trailed.
Still, Cruz is battle tested and fended off tough challenges in the past, and Scott throughout his career has refused to be outspent, often dipping into his personal fortune to help bolster his successful campaigns for governor and Senate. When Scott first ran for the Senate in 2018, he dumped $64 million from his own coffers into his campaign, helping swamp Democrats in the spending war.
“In case anyone has any doubt, if national Democrats decide to spend in Florida, Rick Scott will spend more. [Democratic Senate Leader] Chuck Schumer has been through this before. If he wants to sacrifice Bob Casey and Sherrod Brown on a doomed Florida strategy, he’s welcome to try,” said one source close to Scott, referencing Democratic senators in tough reelection fights in Pennsylvania and Ohio, respectively.
And it’s still unclear just what the impact of the investment will have.
The pushes from the DNC and DSCC come with about 40 days to go to the election, and ballots are already being sent to military voters and voters overseas who are registered in Florida.
“Some people say that it’s better late than never, but in this case, it’s really hard to justify given the fact that voters are, in essence, already voting in the state of Florida,” said one Florida Democratic pollster. “It would have to be a dynamic where the polling shows the race literally on the knife’s edge for a million-dollar investment at this eleventh hour to make a difference. And I don’t think the polling shows that.”
(WASHINGTON) — The House on Wednesday voted down Speaker Mike Johnson’s government funding plan with 14 Republicans voting against it and two others voting present.
The measure failed by a 202-222-2 margin. Three Democrats voted for the bill.
Johnson said after the vote that he was “disappointed that it didn’t pass,” but suggested there would be a “solution” to avoid a shutdown.
“We ran the play. It was the best play; it was the right one. So now we go back to the playbook. We’ll draw up another play, and we’ll come up with a solution,” John said. “I’m already talking to colleagues about their many ideas. We have time to fix the situation, and we’ll get right to it.”
“Stay posted,” he concluded his remarks without taking questions.
Johnson’s measure would have funded the government for six months but also included the SAVE Act, a bill backed by GOP leadership and former President Donald Trump that would require individuals to provide proof of U.S. citizenship to vote. Democrats said the legislation is a non-starter, noting it is already illegal for non-citizens to cast a ballot in federal elections.
Johnson was set to try to pass the funding plan last week but pulled it from the floor because he didn’t have the votes.
Some Republicans in his caucus opposed the measure because they say it would contribute to the deficit while defense hawks say they won’t vote for it because the six-month extension would effect the Department of Defense’s readiness.
Still, he was dug in on the measure and wasn’t talking about what the next steps would be. Congress needs to pass a funding measure before Oct. 1 to avoid a shutdown.
Trump openly called for Republicans to let the government close if they don’t pass the SAVE Act. He wrote on his social media platform that if they “don’t get absolute assurances on Election Security, THEY SHOULD, IN NO WAY, SHAPE, OR FORM, GO FORWARD WITH A CONTINUING RESOLUTION ON THE BUDGET.”
Asked about Trump’s comments that Republicans should let funding lapse in such a scenario, Johnson responded “No, look, President Trump and I have talked a lot about this. We talked a lot about it with our colleagues who are building consensus on the plan. We all believe that election security is of preeminent importance right now.”
Trump again, just before the vote on Wednesday, called for a government shutdown if “every ounce” of the SAVE Act isn’t attached to a funding measure.
Senate Minority Leader Mitch McConnell, the chamber’s top Republican, said it would be “politically beyond stupid” to allow a shutdown to take place with just seven weeks until Election Day.
“I think we first have to wait and see what the House sends us. My only observation about this whole discussion is the one thing you cannot have is a government shutdown,” McConnell said. “It’d be politically beyond stupid for us to do that right before the election, because certainly we’d get the blame.”
Democrats urged Johnson to drop his funding plan and bring a clean short-term measure to the floor to keep the government open.
House Minority Leader Hakeem Jeffries told reporters last week that the only path forward is a bipartisan agreement that does not include “extreme” measures, such as the SAVE Act.
Senate Majority Leader Chuck Schumer on Monday also urged the House to pass a clean bill.
“In order to avoid a shutdown, the worst thing our colleagues in the House can do right now is waste time on proposals that don’t have broad bipartisan support,” Schumer said.
