Scott Bessent, U.S. President-elect Donald Trump's choice to head the Treasury Department, on Thursday said the question of eliminating the U.S. debt limit is "nuanced," but said if Trump wants to do so he will work with him and with Congress to get it done.

Follow along with MarketWatch's live coverage of the Senate confirmation hearing for Scott Bessent, President-elect Donald Trump's nominee for Treasury secretary.

The fund manager will face senators at a confirmation hearing on Thursday.

Here's what to know about the Treasury secretary pick Bessent, who heads into his confirmation hearing and may become the first Senate-approved LGBTQ+ member in a Republican cabinet.

More than any other nominee, Bessent’s responsibilities are at the heart of Trump’s economic agenda, and he can expect probing questions from the committee’s members, all of whom are well-versed on financial matters and have strong opinions on trade, taxes, debt, sanctions and other areas under Treasury’s remit. The panel also includes some of the most senior members of both parties, including Senator John Thune, who was recently elected Senate Majority Leader. Thune will be a key player in shepherding Trump’s agenda through Congress, where the president can afford to lose the votes of only three of his party’s 53 senators in the chamber.

Scott Bessent, U.S. President-elect Donald Trump's choice to head the Treasury Department, on Wednesday vowed to ensure that the dollar remains the world's reserve currency as he laid out a vision for a "new economic golden age".