Yellen protects against major taxes if necessary to reduce it
Janet Yellen, US secretary of state, has urged Congress to adhere to the White House’s plan to pay its $ 4.1tn plan and higher taxes, saying the country should have long-term shortcomings in the US.
Speaking on Sunday, Yellen defended Joe Biden’s efforts to force him to spend more on US companies and affluent Americans to pay $ 2.3tn on construction projects and $ 1.8tn in economic programs over the next decade, after criticism from Wall Street, American America , and Republican lawmakers.
But Yellen went on to say that it was important to address the cost of Procedure for using Biden so that American money does not increase. With Republicans strongly opposed to the increase in taxes, and with some Democrats doubting the level and details of rising taxes, other lawmakers may be tempted to do what could include a significant reduction in revenue.
“I think we have a lot of money. The interest rate is the lowest in history. They’ve been like this for a long time, and it looks like they will stay in the future.”
“We do not want to spend all this money and in the meantime the shortcomings must be in place for our state economy to remain stable. Therefore, I believe we have to pay for these old costs,” he added.
Yellen’s comments came as Biden’s management plans to hold talks with Congress to see if the deal can be reached at its economic level, which comes at the top of the $ 1.9tn stimulus offered in March.
Biden is expected to travel to Virginia and Louisiana this week to strengthen his case against the American people, following his congressional hearing last week.
In a construction plan, released by the White House last month, Republicans have raised $ 568bn in spending, and party lawmakers say they are increasing users’ fees to pay for part of the plan, though many Democrats are skeptical.
“There are ways to get there,” Rob Portman, Ohio’s Republican senator, told NBC. “We have telephones fixed this week. I met with the White House last weekend. There is a way forward if the White House wants to work with us. ”
Ron Klain, chief of staff at the White House, said he was confident a deal could be reached, saying Biden’s “two red lines” in the negotiations and that taxes would not be higher for anyone earning less than $ 400,000 a year, and “unemployment” was not an option .
“We have time to talk to people on both sides, to find common ground, to find common ground. I hope we can make progress in the coming weeks, “he told CBS.
Biden’s run comes at a time when the U.S. economy is booming in the recent winter, due to the rapid recovery of vaccines and the impact of incentives. Some Republican economists and lawmakers have expressed concern that Biden’s financial position is at risk of a US economic crisis, but Yellen has ignored it.
He also said that the new funding should be made available when the incentives are already spent, and that “incentives are needed” as they will be spread over eight to 10 years.
Yellen also said the Federal Reserve is capable of dealing with any price hike. “We’re reviewing it very carefully,” he said. “We are making the payment. And I do not believe that inflation will be a problem, but if it is a problem, we have the tools to deal with this problem. This is an old investment that we want our economy to be profitable and fair. ”