Treasury Secretary nominee Janet Yellen said at her confirmation hearing Tuesday that it’s important to “act big” on coronavirus relief, championing President-elect Joe Biden’s $1.9 trillion proposal.
“Neither the president-elect, nor I, propose this relief package without an appreciation for the country’s debt burden,” Yellen said during the hearing before the Senate Finance Committee. “But right now, with interest rates at historic lows, the smartest thing we can do is act big. In the long run, I believe the benefits will far outweigh the costs, especially if we care about helping people who have been struggling for a very long time.”
Biden’s proposal, unveiled last week, includes $1,400 stimulus checks, enhanced unemployment benefits, funding to facilitate the quick vaccination of Americans and aid to state and local governments.
Congressional Republicans, and some centrist Democrats, have expressed concerns about the impact of large amounts of federal spending on the national debt, which could potentially pose a challenge to Biden enacting his plan.
Read more at The Hill.
{Matzav.com}
