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 4 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

Washington Post Lays Off 4% of Its Workforce

DON'T MISS

Peter Yarrow of Folk-Music Trio Peter, Paul and Mary Dies at 86

DON'T MISS

Raiders Fire Coach Antonio Pierce. Who Will They Hire Next?

DON'T MISS

Madera Authorities Warn About Fake Letters Circulating in Ranchos Community

DON'T MISS

Marjaree Mason Center Introduces New Crisis Response Manager

DON'T MISS

Fresno DUI Crash Kills 2, Police Name Suspect

DON'T MISS

Trump Says He Will Change the Name of the Gulf of Mexico

DON'T MISS

California Businesses Sue State Over New Workplace Law

DON'T MISS

San Diego State University Frat Members Charged After Pledge Set on Fire at Party

DON'T MISS

If CA Wants to Lead on AI, It Can’t Let 3 Companies Hog the Infrastructure

UP NEXT

Jimmy Carter Will Be Honored in Washington, a City Where He Remained an Outsider

UP NEXT

Even MAGA Needs Immigrants, It Seems

UP NEXT

First US Bird Flu Death Is Announced in Louisiana

UP NEXT

The Jan. 6 Rioters, 4 Years Later

UP NEXT

Major US Winter Blast Shuts Down Schools and Government Offices in Several States

UP NEXT

Higher Social Security Payments Coming for Millions of Americans

UP NEXT

EV Demand Leads Automakers to Strong 2024 Finish

UP NEXT

From Georgia to Washington, Memorials Trace Jimmy Carter’s Life

UP NEXT

California Begins 2025 With Solid Start to Winter Snowpack, but More Storms Are Needed

UP NEXT

Army Veteran’s Path to Radicalization Followed Divorces, Struggling Businesses in Texas

Madera Authorities Warn About Fake Letters Circulating in Ranchos Community

2 hours ago

Marjaree Mason Center Introduces New Crisis Response Manager

2 hours ago

Fresno DUI Crash Kills 2, Police Name Suspect

2 hours ago

Trump Says He Will Change the Name of the Gulf of Mexico

3 hours ago

California Businesses Sue State Over New Workplace Law

3 hours ago

San Diego State University Frat Members Charged After Pledge Set on Fire at Party

3 hours ago

If CA Wants to Lead on AI, It Can’t Let 3 Companies Hog the Infrastructure

4 hours ago

California Faces ‘Life-Threatening, Destructive’ Winds and High Fire Risk, Forecasters Warn

4 hours ago

Inside the Golden Globes: What You Didn’t See on Television

4 hours ago

North Dakota St. Wins 10th FCS Title as Miller Accounts for 4 TDs in Win Over Montana St.

4 hours ago

Washington Post Lays Off 4% of Its Workforce

The Washington Post has started laying off roughly 4% of its workforce, the company said Tuesday, as the newspaper struggles to stem million...

29 minutes ago

29 minutes ago

Washington Post Lays Off 4% of Its Workforce

1 hour ago

Peter Yarrow of Folk-Music Trio Peter, Paul and Mary Dies at 86

1 hour ago

Raiders Fire Coach Antonio Pierce. Who Will They Hire Next?

Madera County Sheriff’s Office is investigating fraudulent letters falsely claiming to be official warnings about gunfire fines. (Madera County SO)
2 hours ago

Madera Authorities Warn About Fake Letters Circulating in Ranchos Community

Tiffany Apodaca/Marjaree Mason Center
2 hours ago

Marjaree Mason Center Introduces New Crisis Response Manager

2 hours ago

Fresno DUI Crash Kills 2, Police Name Suspect

President-elect Donald Trump walks from the podium after a news conference at Mar-a-Lago, Tuesday, Jan. 7, 2025, in Palm Beach, Fla. (AP/Evan Vucci)
3 hours ago

Trump Says He Will Change the Name of the Gulf of Mexico

3 hours ago

California Businesses Sue State Over New Workplace Law

Help continue the work that gets you the news that matters most.

Search

Send this to a friend