Biden’s American Rescue Plan, Janet Yellen denies wanting to cut spending

Biden’s American Rescue Plan, Janet Yellen denies wanting to cut spending

Biden’s American Rescue Plan, Janet Yellen denies wanting to cut spending

U.S. Treasury Secretary Janet Yellen

Advertisement
  • Earlier this week, Biden’s Treasury Secretary Janet Yellen conceded she was ‘wrong’ about inflation.
  • American Rescue Plan (ARP), which Biden signed into law in March 2021
  • “too much government money was flowing into the economy,” U.S. Treasury Secretary
Advertisement

Despite a book suggesting she feared “too much government money was flowing into the economy,” U.S. Treasury Secretary Janet Yellen denied claims that she wanted to restrict the amount of spending in President Biden’s COVID-19 spending plan.

Read More: The economy is in a downward spiral. Let’s hope it doesn’t get flushed!

Yellen responded on Saturday to extracts from a biography in which she indicated that she desired a smaller package than the over $2 trillion American Rescue Plan (ARP), which Biden signed into law in March 2021, bringing the government’s total pandemic assistance to almost $6 trillion.

“I never urged adoption of a smaller American Rescue Plan package, and I believe that ARP played a central role in driving strong growth throughout 2021 and afterwards, with the United States real GDP growth outpacing other advanced economies and our labor market recovering faster relative to historical experience,” Yellen said in a statement Saturday.

Read More: Elon Musk has a “very terrible feeling” about the economy

For the latest Business News Follow BOL News on Google News. Read more on Latest Business News on oldsite.bolnews.com

Advertisement
Advertisement
Read More News On

Catch all the Business News, Breaking News Event and Latest News Updates on The BOL News


Download The BOL News App to get the Daily News Update & Follow us on Google News.


End of Article

Next Story