Mr. Biden’s economic strategy questioned by Congress amidst national debt
At a house meeting with the Biden nominee, members are questioning Mr. Biden’s economic policies. The house is cautious about stimulus and the negative effects on the economy.
US Congress demands economic plan from treasury nominee
The president, Mr. Joe Biden’s economic stimulus plans have been challenged by treasury nominee Yellen by the congress.
During her confirmation on the floor, Janet Yellen told the lawmakers to “ stand firm” without looking at the national debt. She was warned by Republicans that this isn’t the time to Show-boat or make bogus claims, but a time for true economic reforms.
The former treasury officer didn’t hold back as she pushed back against the senators who told her to be careful about increasing taxes. She will go into this appointment as the US economy struggles to be positive amidst the COVID-19 pandemic.
Jobs owners slashed jobs last year especially those in the entertainment and leisure sector ending some job opportunities. Retails and wholesale sales have reduced in recent weeks, while unemployment increases.
“ If we fail to act now, the result will be more painful, and we will find it hard to exit recession and the economy will suffer” Miss Yellen stated.
Biden’s administration to experience some resistance in the economy policies
It is looking very likely that both houses will approve her nomination as there are very few discerning voices. However, Chuck Grassley of the Republican Party showed some resistance that the Biden administration will be wary of.
The US is facing dire COVID-19 reliefs as well as huge spending which is focused mainly on infrastructure. “With millions spent already and close to a trillion in benefit stimulus passed some weeks ago, it is pertinent to focus on economy revival,” Grassley said.
“ This is the time to roll out economic policies that will lift the US out of recession”.
Also, Miss Yellen noted that investment is crucial, so the US can become better and more competitive.