Trump chooses Bessent to be Treasury secretary and Vought as top budget official

WASHINGTON (AP) -- President-elect Donald Trump has chosen hedge fund manager Scott Bessent, an advocate for deficit reduction, to serve as his next treasury secretary. Bessent, 62, is founder of hedge fund Key Square Capital Management. He previously had worked on and off for Soros Fund Management since 1991. He told Bloomberg in August that he decided to join Trump's campaign in part to attack the mounting U.S. national debt. Bessent said the election was the "last chance" for the U.S. to grow its way out of a mountain of debt. Trump also said he would nominate Russel Vought, 48, to lead the Office of Management and Budget, a position he held during Trump's first term.