Biden Treasury Secretary nominee Yellen says it’s important to “act big” on relief package

President-elect Joe Biden’s Treasury Secretary nominee Janet Yellen said during her confirmation hearing it’s important to “act big” on coronavirus relief.

Yellen said “neither the president-elect, nor I, propose this relief package without an appreciation for the country’s debt burden.”

She added “but right now, with interest rates at historic lows, the smartest thing we can do is act big. 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 also said “economists don’t always agree, but I think there is a consensus now: Without further action, we risk a longer, more painful recession now – and longer-term scarring of the economy later.”

GOP Chairwoman Ronna McDaniel tweeted moments ago:

In 2018, Biden’s Treasury nominee Janet Yellen said, “If I had a magic wand, I would raise taxes and cut retirement spending.”

Make no mistake, Biden wants to raise your taxes.