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- U.S. Treasury Secretary nominee Yellen to urge lawmakers to "act big" to avert protracted economic downturn - WSJ reports, citing text of Yellen's remarks to Senate Finance Committee
U.S. Treasury Secretary nominee Yellen to urge lawmakers to "act big" to avert protracted economic downturn - WSJ reports, citing text of Yellen's remarks to Senate Finance Committee
According to The Wall Street Journal (WSJ), President-elect Joe Biden's nominee for Treasury Secretary Janet Yellen, who is to appear before the Senate Finance Committee on Tuesday, will also call the lawmakers to put aside concerns about the mounting national debt.
“Economists don’t always agree, but I think there is a consensus now: Without further action, we risk a longer, more painful recession now - and long-term scarring of the economy later,” Ms. Yellen says in the text of remarks to the Senate Finance Committee as reviewed by WSJ.
"Neither the President-elect, nor I, propose this relief package without an appreciation for the country's debt burden," she adds. "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."
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