Ever since incoming Treasury Secretary Scott Bessent underwent his Senate confirmation hearings this week, there has been chatter regarding his 3-3-3 strategy, a plan to help reduce the federal deficit while simultaneously boosting the economy.

Trump's promised tax cuts, and their potential consequences for the U.S. economy, took center stage at Bessent's confirmation hearing.

Scott Bessent, tapped by Donald Trump to be treasury secretary, faced sharp questions from Democrats and Republicans on tax policy, tariffs, China, Russia sanctions and the IRS.