LIVE: Scott Bessent faces Senate hearing on Trump’s 2027 budget

Added: 2026-05-05

The Treasury Department's fiscal year 2027 budget request proposes an 11.7% reduction from the prior year, reflecting deliberate tradeoffs among competing priorities to advance a pro-growth, pro-competition economic agenda. The budget emphasizes implementing the Working Families Tax Cuts Act, which delivered tax relief to over 60 million filers through provisions like no tax on tips and overtime, and expanded deductions for seniors. A key priority is strengthening America's position as a global leader in digital assets and financial innovation through the GENIUS Act, which established the first regulatory framework for stablecoins. The budget also addresses national security through enhanced cyber capabilities, sanctions enforcement, and combating illicit financial activity, while modernizing IRS operations through technology investment and digital-first taxpayer services.