The Globe and Mail reports in its Saturday edition that president-elect Donald Trump announced Friday that he will nominate hedge fund manager Scott Bessent as Treasury Secretary. An Associated Press dispatch to The Globe reports that he also nominated Russel Vought to lead the Office of Management and Budget. Mr. Vought was involved with Project 2025 and is known as a Republican hardliner. These appointments reflect Mr. Trump's focus on the financial side of his new administration, with Mr. Bessent potentially gaining bipartisan support due to his Wall Street connections. Mr. Bessent, 62, a founder of Key Square Capital Management and a former employee of Soros Fund Management, could become the first openly gay treasury secretary if confirmed by the Senate. He joined Mr. Trump's campaign to address the rising U.S. national debt, advocating for cuts to government programs and spending. Mr. Bessent aims to lower the national debt by cutting spending, yet he supports extending provisions of the Tax Cuts and Jobs Act of 2017, signed by Mr. Trump. Economic analyses estimate the cost of these tax cuts between $6-trillion (U.S.) and $10-trillion (U.S.) over 10 years, with most provisions set to expire at the end of 2025.