Ajio [CPS] IN

WASHINGTON: Janet Yellen, President-elect Joe Biden’s choice as Treasury secretary, said Tuesday that the incoming administration would focus on winning quick passage of its $1.9 trillion pandemic relief plan, rejecting Republican arguments that the measure is too big given the size of U.S. budget deficits.

More must be done, Yellen told the Senate Finance Committee during her confirmation hearing. Without further action, we risk a longer, more painful recession now and long-term scarring of the economy later.

Democrats voiced support for the Biden proposal while Republicans questioned spending nearly $2 trillion more on top of nearly $3 trillion that Congress passed in various packages last year.

Various Republicans questioned elements of the Biden proposal such as providing an additional $1,400 stimulus check to individuals earning less than $75,000. They also objected to the inclusion of such long-term Democratic goals as boosting the minimum wage to $15 per hour.

Sen. Tim Scott, R-S.C., argued that this was cause the loss of jobs and was coming at a time that thousands of small businesses such as restaurants had one out of business.

Yellen said that the increase in the…


If you want to read the full article please click on source Link. Publisher: www.news18.com Source link (image from source link)

Disclaimer: This news is auto-aggregated by a computer program and has not been created or edited by MintNews24.

LEAVE A REPLY

Please enter your comment!
Please enter your name here