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Yellen says infrastructure overhaul will boost the US economy | Work

Washington (AP) — Treasury Secretary Janet Yellen said President Joe Biden’s spending proposal would prepare the country for long-term US infrastructure needs and future challenges.

Yellen urged Congress to support the Biden administration’s $ 3.5 trillion “Build Back Better” initiative to expand its social safety net and attack climate change in a statement preparing to appear before the National Association of Business Economists on Tuesday. rice field. She also sought support for a $ 1 trillion bipartisan bill to address more traditional infrastructure such as roads and bridges.

“Investing in the president’s agenda will be a radical overhaul of our country’s infrastructure,” Yellen said.

She cited new power grids and power structures, new passenger and freight rail systems, and repairs of roads and bridges that were “ravaged and unsafe for decades” among improvements. She also listed broadband, new schools, clean drinking water, and environmental remediation steps to help mitigate the effects of climate change.

Yellen spoke as a leader of the administration and the Democratic Party Struggling behind the scenes of Congress To round up votes on two infrastructure bills, as well as debt restrictions and an increase in temporary spending bills that must be passed by Friday to avoid government closures.

“In American history, we’ve seen inflection points where policy makers have had the courage to think and act big to address the long-standing flaws in the dominant economic situation,” Yellen said. Said. “We are facing an equally important moment today where Congress can think big and act big to send us decisively on a better path.”

Yellen said all investments will be paid in full through tax increases for large, profitable businesses, strengthening existing tax systems and saving money through reforms of the government’s medical program.

However, Biden’s “Build Back Better” program claims that the $ 3.5 trillion price tag is too high and faces strong opposition from Republicans against tax increases.

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Yellen says infrastructure overhaul will boost the US economy | Work

Source link Yellen says infrastructure overhaul will boost the US economy | Work

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