Treasury Secretary Scott Bessent appeared before the House Ways and Means Committee on Thursday morning to defend the Trump administration’s fiscal 2027 budget request for the Treasury Department, as rising affordability concerns and the ongoing Iran war dominate the political landscape.
The hearing follows a contentious session in the Senate on Wednesday, where Bessent was grilled on the department’s priorities and also faced pointed questions about his past conflict with Federal Housing Finance Agency Director Bill Pulte. Pulte, whom President Trump recently tapped as acting director of national intelligence, has drawn backlash from lawmakers on both sides of the aisle. Bessent confirmed during the Senate testimony that he threatened to kick Pulte’s “a--”, adding a personal dimension to the budget discussions.
The White House is seeking $11.5 billion in budget authority for the Treasury’s domestic programs in fiscal 2027, a 12 percent reduction from the 2026 enacted levels. This cut comes as the administration grapples with balancing fiscal restraint against the economic pressures of the Iran conflict, which has driven up energy prices and stoked inflation.
Committee members are expected to press Bessent on how the Treasury plans to manage the national debt, support economic growth, and address the financial fallout from the war. The hearing also comes amid broader Republican infighting over spending, with some conservatives demanding deeper cuts while others worry about the impact on essential services.
Bessent’s testimony is part of a larger push by the Trump administration to sell its budget blueprint to Congress. Homeland Security Secretary Mark Mullin recently defended a $63 billion DHS budget request, highlighting the internal party tensions over fiscal priorities.
The ongoing Iran war has added urgency to the budget debate, as lawmakers question whether the administration’s spending plans adequately address the economic strains on American households. The Treasury chief is likely to face tough questions on how the department plans to mitigate the impact of rising gas prices and inflation on consumers.
Thursday’s hearing is scheduled to begin at 10 a.m. EDT and is being streamed live. It marks the second day of Bessent’s congressional testimony this week, underscoring the administration’s effort to build support for its fiscal agenda amid a challenging geopolitical environment.
