Sec. Yellen: Biden Is Committed to Keeping the Economy on a Fiscally Sustainable Course

EXCERPT:

YELLEN: “Well, the Infrastructure Act, the CHIPS Act, the Inflation Reduction Act, these are all long-term spending measures that will really boost the growth of the economy, and add to its job creating capacity long-term, and the many of those bills have been paid for, and so I wouldn't regard it as net stimulus. I think the American Rescue Plan, which was stimulus, shielded families that could have been very badly impacted by the pandemic. It kept a roof over their heads and food on the table, and it ensured the fastest recovery of any economy. The United States is doing better than any economy around the world. And we've not seen the long-term job loss or scarring that easily could have occurred. The -- the bipartisan agreement to raise the debt ceiling involve a trillion of deficit reduction. President Biden is committed to keeping the economy on a fiscally sustainable course. And he proposed a budget with $3 trillion of deficit reduction over the next decade. So we're both investing in the long-term health of the U.S. economy to boost growth and create good jobs and clean energy, and semiconductors, to rebuild our infrastructure to make this economy more productive. And I think that strategy that's really working, investing in American and Americans.”