POLITICUSUSA
In a letter to lawmakers this morning, Treasury Secretary Janet Yellen warned that the United States has just three weeks before it defaults on its debts.
“We now estimate that Treasury is likely to exhaust its extraordinary measures if Congress has not acted to raise or suspend the debt limit by October 18. At that point, we expect Treasury would be left with very limited resources that would be depleted quickly,” Yellen wrote.
Treasury Secretary defended President Joe Biden‘s spending plans on infrastructure, education, and jobs, saying that the plans are necessary in order to keep the United States competitive and will yield “big returns.”
Treasury Secretary Janet Yellen will make the case for a global minimum tax rate to raise revenue in the United States as well as stop companies from shifting their profits overseas, a move that enables them to evade paying taxes.
A group of Republican attorneys general has threatened legal action against President Joe Biden’s administration over the American Rescue Plan, a historic $1.9 trillion stimulus package that was last week signed into law to address the economic impact of the Covid-19 pandemic. They argue the stimulus package is unconstitutional and example of government overreach. They take particular issue with the $350 billion in the measure that went to states and counties to help them offset the costs of handling the pandemic.
Speaking at a virtual event hosted by The New York Times, Treasury Secretary Janet Yellen said a proposal to send $1,400 direct payments to Americans will help those who are struggling, particularly those who are not receiving other targeted forms of assistance.
Janet Yellen’s nomination as Treasury Secretary was cleared by the Senate Finance Committee. The full Senate will likely approve her nomination today, making her the first woman in American history to hold the position. Yellen was previously the first woman to serve as chair of the Federal Reserve from 2014 to 2018.
President Donald Trump’s controversial assurance that the national economy would be up and running again by Easter has received significant criticism from both sides of the political aisle as well as from health experts who argue that loosening social distancing would result in even more deaths and greater economic turmoil.
Late on Thursday evening the Senate reached a deal regarding the remaining Presidential nominees waiting to be confirmed. The Senate will now confirm Alejandro Mayorkas, Brian Davis and John Koskinen on Friday and then recess for the Christmas break.
Senate Minority Whip John Cornyn (R-TX) confirmed to his fellow Senate Republicans that there will be a handful of GOP Senators that will stick around and make sure that debate continues for each and every nominee.