Bessent Testifies Amid Rising Inflation to 3.8%, Plunging Consumer Sentiment, IRS Trump Immunity Deal, and Democratic Corruption Accusations

Treasury Secretary Scott Bessent testified before the Senate Finance Committee on Wednesday and the House Ways and Means Committee on Thursday. The hearings were the first time he addressed the panels since the One Big Beautiful Bill Act was signed into law in July 2025. Inflation has trended up in recent months.

4% in January. 8% in April according to the consumer price index. The increase since February has largely been the result of energy price increases resulting from the war with Iran and subsequent disruptions in the Strait of Hormuz.

Core inflation, which strips out volatile food and energy costs, is still lower now than before Trump entered office. Crude oil prices are down from a peak of over $100 per barrel that was notched earlier in the conflict. Sen.

Sen. ” Rep. Bessent repeatedly compared the rate of inflation for food and other staples under former President Joe Biden to the lower rates during Trump’s second term.

8 billion “anti-weaponization” fund. Trump and his businesses and his family will remain safe from audits from taxes filed before the settlement. Sen.

Ron Wyden (D-OR) said, “This is an abuse of the IRS that goes way beyond anything that I have any familiarity with. ” Bessent told Sen. ” He said, “Let me be clear, as we’ve done throughout this matter, the Department of Treasury is following the direction of the Department of Justice,” adding that Blanche has said the matter is still subject to litigation.

“So, I’m unable to comment further on it. ” Federal Housing Finance Agency Director Bill Pulte was elevated to acting director of national intelligence. Bessent and Pulte have clashed. Sen. Thom Tillis (R-NC) asked whether reporting was true that Bessent told Pulte he was going to punch him in the face last year during an event after hearing that Pulte had been badmouthing him to Trump.