Bessent testifies on U.S. budget

Treasury Secretary Scott Bessent faced a Senate Appropriations Subcommittee to outline the administration's fiscal priorities amid global instability.

The proposed $11.5 billion discretionary budget includes significant reductions to community development and environmental programs.

During his testimony, Bessent highlighted the success of U.S. economic pressures on Iran, asserting that the naval blockade is effectively strangling Tehran's oil revenue.

He also noted that several Persian Gulf and Asian allies have requested foreign exchange swap lines with the U.S. to manage currency volatility.