Janet Yellen will lay out the case for President-elect Joe Biden’s proposed $1.9tn relief package at her confirmation hearing as Treasury secretary on Tuesday, arguing that “the smartest thing we can do is act big”.
In prepared remarks obtained by the Financial Times ahead of her appearance before the Senate finance committee, Ms Yellen said the US risked “a longer, more painful recession” and “long-term scarring” if it did not move quickly to inject more government spending into the economy.
The former Federal Reserve chair also argued that worries about adding to the US budget deficit should take a back seat during this period.
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