Please ensure Javascript is enabled for purposes of website accessibility
Yellen Pushes GOP Senators on $1.9 Trillion Relief Package
gvw_ap_news
By Associated Press
Published 3 years ago on
January 19, 2021

Share

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.

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., said that the push for a higher minimum wage comes at a time when thousands of small businesses like restaurants have gone out of business, and that it would lead to more job losses.

Yellen said, however, that the increase in the minimum wage would help millions of frontline American workers who are risking their lives to keep their communities functioning and often working two jobs to put food on the table. “They are struggling to get by and raising the minimum wage would help these workers,” she said.

Despite policy differences, Yellen, who would be the first woman to be Treasury secretary after being the first woman to be chair of the Federal Reserve, is expected to win quick Senate confirmation.

Sen. Ron Wyden, D-Oregon, who will become chairman when Democrats take over the Senate, said it was his hope that Yellen could be confirmed by the full Senate as soon as Thursday.

Many Republicans Raised the Soaring Budget Deficits as a Reason to Be Cautious

Biden last week unveiled a $1.9 trillion relief plan that would provide more aid to American families and businesses and more support for vaccine production and distribution as well as providing support for states and localities to avoid layoffs of teachers and first responders.

Many Republicans raised the soaring budget deficits as a reason to be cautious in passing further relief. Last year, the budget deficit climbed to a record $3.1 trillion.

Yellen said that she and Biden were aware of the country’s rising debt burden but felt fighting the pandemic-recession was more important currently.

“Right now, with interest rates at historic lows, the smartest thing we can do is act big,” she said. “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.”

Yellen was nominated to be chair of the Fed by Barack Obama and she stepped down in February 2018 after President Donald Trump decided not to nominate her for a second four-year term. Since leaving the Fed, Yellen has been a distinguished researcher at the Brookings Institution, a Washington think tank.

In the financial disclosure forms filed with the committee, Yellen listed more than $7 million in speaking fees she has received from a number of top Wall Street firms such as Goldman Sachs and Citigroup since leaving the Fed. Yellen has agreed to recuse herself from Treasury matters involving certain firms that have compensated her for her talks.

Yellen’s Treasury nomination was supported in a letter from eight previous Treasury secretaries serving both Republican and Democratic administrations.

RELATED TOPICS:

DON'T MISS

Fresno Oops? Garbage Hike Protest Vote Delayed by Error

DON'T MISS

Trump’s Potential VP Pick Boasts About Executing Puppy

DON'T MISS

Trita Parsi: Blind Support for Israel Erodes Western Democracies

DON'T MISS

Fresno Trash Hauler’s Response to Overpayments: We Followed the City’s Rules

DON'T MISS

Which Six QBs Were Selected in the Top 12 of the NFL Draft?

DON'T MISS

Nuggets Close to Sweeping Lakers After Game 3 Win

DON'T MISS

Jose Ramirez: ‘I Want to Make a Statement and Put on a Show’

DON'T MISS

‘IDEA’ Is the Latest Career-Oriented Campus on Fresno Unified’s Drawing Board

DON'T MISS

Yoshinobu Yamamoto’s 6 Shutout Innings Help Dodgers Finish Sweep, Defeat Nats 2-1

DON'T MISS

The 49ers Add Florida Receiver Ricky Pearsall With the 30th Draft Pick

UP NEXT

Fresno Trash Hauler’s Response to Overpayments: We Followed the City’s Rules

UP NEXT

The Protests Over the Israel-Hamas War Put a Spotlight on College Endowments

UP NEXT

Antony Blinken Meets With China’s President Xi as US, China Spar Over Bilateral and Global Issues

UP NEXT

Tennessee Lawmakers Pass Bill Criminalizing Adults Assisting Minors in Gender-Affirming Care

UP NEXT

US Growth Slows Sharply Amid High Interest Rates and Inflation

UP NEXT

Hamas Official: We’ll Put Down Arms if an Independent Palestine Is Created

UP NEXT

Ex-State Department Official: Israeli Military Gets Preferential Treatment on Abuses

UP NEXT

Ukraine Uses Long-Range Missiles Secretly Provided by US to Hit Russian-Held Areas, Officials Say

UP NEXT

Ancestry Website to Catalogue Names of Japanese Americans Incarcerated During World War II

UP NEXT

Google Fires More Workers Who Protested Its Deal With Israel

Fresno Trash Hauler’s Response to Overpayments: We Followed the City’s Rules

2 hours ago

Which Six QBs Were Selected in the Top 12 of the NFL Draft?

2 hours ago

Nuggets Close to Sweeping Lakers After Game 3 Win

2 hours ago

Jose Ramirez: ‘I Want to Make a Statement and Put on a Show’

3 hours ago

‘IDEA’ Is the Latest Career-Oriented Campus on Fresno Unified’s Drawing Board

Local Education /

3 hours ago

Yoshinobu Yamamoto’s 6 Shutout Innings Help Dodgers Finish Sweep, Defeat Nats 2-1

4 hours ago

The 49ers Add Florida Receiver Ricky Pearsall With the 30th Draft Pick

4 hours ago

Political Stunt, Egg on His Face, Personal Vendetta. Who’s Fresno DA Talking About?

4 hours ago

Blockchain Expert Unravels Misconceptions and Realities of Bitcoin Documentaries

Did Fresno Trustees Violate Brown Act in Superintendent Search Decisions?

Local Education /

6 hours ago

Fresno Oops? Garbage Hike Protest Vote Delayed by Error

A mistake by the city of Fresno in the process to approve residential garbage rates will delay a vote. When a city government proposes rate ...

56 mins ago

56 mins ago

Fresno Oops? Garbage Hike Protest Vote Delayed by Error

1 hour ago

Trump’s Potential VP Pick Boasts About Executing Puppy

1 hour ago

Trita Parsi: Blind Support for Israel Erodes Western Democracies

2 hours ago

Fresno Trash Hauler’s Response to Overpayments: We Followed the City’s Rules

2 hours ago

Which Six QBs Were Selected in the Top 12 of the NFL Draft?

2 hours ago

Nuggets Close to Sweeping Lakers After Game 3 Win

3 hours ago

Jose Ramirez: ‘I Want to Make a Statement and Put on a Show’

Local Education /
3 hours ago

‘IDEA’ Is the Latest Career-Oriented Campus on Fresno Unified’s Drawing Board

MENU

CONNECT WITH US

Search

Send this to a friend