As part of their weeks-long process of confirming Trump’s Cabinet nominees, top Republicans convened a rare Saturday session of the chamber to set the stage for the final vote.

“He brings a wealth of private sector experience in the economy and markets to his new role, as well as the concern for the needs of working Americans,” Senate Majority Leader John Thune (R-S.D.) said in his floor remarks on Monday, calling Bessent an “example of the American dream in action.”

Bessent, a billionaire hedge fund manager and investor, faces several policy challenges as the new administration tries to implement its economic agenda quickly.

Coordination with Congress to extend the 2017 Tax Cuts and Jobs Act, a large section of which expires at the end of this year, would likely be the largest. Bessent is in favor of prolonging the cuts.

Most likely, the extension will be included in a package that Republicans hope to pass through a procedure called reconciliation. By doing this, the Senate filibuster would be avoided and just GOP votes would be needed, but the contentious House GOP conference would need to be almost unanimous.

Republicans support the cutbacks, but they disagree with certain specific aspects, such as the cap on the state and local tax (SALT) deduction. Divergent opinions also exist on whether provisions of the Democrats’ 2022 Inflation Reduction Act should be retained and which should be eliminated.

The national debt, which would increase by $4.6 trillion as a result of the Trump tax cuts, is another issue that worries many Republicans. About 20% of the $36 trillion in current national debt is money that the government essentially owes itself.

While on the campaign trail, President Trump suggested several additional tax cuts in addition to extending the 2017 ones. These included eliminating double taxation for Americans living overseas, eliminating overtime and tip taxes, and establishing a tax deduction for those who care for their families. In order to determine which of these initiatives will gain support from lawmakers, Bessent will have to guide them through Congress.

Trump’s promise to eliminate overtime and tip taxes would impact those in the “lower two quintiles of the income distribution,” Bessent told the Senate Finance Committee earlier in January.

That would go a long way toward addressing the affordability crisis,” he said.

The pressure on Republicans to get in sync on taxes is mounting. House Republicans are at a retreat in Florida this week with President Trump to see if they can hash out their differences.

“At the top of the Republican agenda is extending that tax relief to help our economy and the American people thrive,” Thune said. “I deeply appreciate the fact that Mr. Bessent shares that commitment.”

When the U.S. economy is booming, Bessent assumes control of the Treasury. The fourth quarter saw a 3.1 percent increase in GDP, while the third quarter saw a 3 percent increase. After ratcheting up to 9 percent of domestic income after the pandemic, corporate profits in the third quarter were almost tied with record highs.

The Fed’s preferred inflation measure shows prices rising by up to 2.8 percent annually, excluding food and energy.

Bessent received full Senate confirmation on Monday, making him the first openly gay Cabinet member in a Republican administration.

Following Secretary of State Marco Rubio, CIA Director John Ratcliffe, Defense Secretary Pete Hegseth, and Homeland Security Secretary Kristi Noem, he is the fifth nominee to be confirmed by the Senate since Trump’s inauguration last Monday.

Now that Bessent has been confirmed, the Senate will focus on approving former Representative Sean Duffy (R-Wis.) for the position of secretary of transportation.

After receiving a 28-0 vote from the Senate Commerce Committee, Duffy is anticipated to pass with ease.