Story perspectives

Treasury Secretary Rejects Tax Hikes, Unveils 3-3-3 Plan.

6/4/2026

Summary

Story summary

Treasury Secretary Scott Bessent testified on June 3-4, 2026 about President Donald Trump’s FY 2027 budget request of $11.5 billion, a 12 % cut.
Bessent refused payroll-tax hikes or senior-benefit cuts and proposed a “3-3-3” plan—3 % growth, 3 % deficits, 3 million barrels energy—to keep debt near 100 % of GDP.
He declined comment on Trump’s IRS audit immunity, prompting Democratic senators to warn that the growth-only approach ignores rising deficits and looming Medicare and Social Security shortfalls.

1 of 1

Story summary

Treasury Secretary Scott Bessent testified on June 3-4, 2026 about President Donald Trump’s FY 2027 budget request of $11.5 billion, a 12 % cut.
Bessent refused payroll-tax hikes or senior-benefit cuts and proposed a “3-3-3” plan—3 % growth, 3 % deficits, 3 million barrels energy—to keep debt near 100 % of GDP.
He declined comment on Trump’s IRS audit immunity, prompting Democratic senators to warn that the growth-only approach ignores rising deficits and looming Medicare and Social Security shortfalls.