Yellen defends Biden budget in first hearing with GOP-controlled House

TSecretary of the Reasury Janet Yellen She defended President Joe Biden’s budget Friday, her first appearance before Congress since the Republicans assumed control.

Chairman Yellen gave testimony to the House Ways and Means Committee. Jason Smith (R-MO). It takes only one day to visit Congress. Biden is released His annual budget was a huge amount tax-and-spending Package that includes $6.9 Trillion in spending for fiscal 2024, would lead to total deficits of $17 Trillion over the next decade.

Yellen spent her time defending different provisions of the budget proposal that was heavily criticized by Republicans. She also answered questions about Biden’s overall economic agenda.

“Our proposed budget builds on our economic progress by making smart, fiscally responsible investments,” She said. “These investments would be more than fully paid for by requiring corporations and the wealthiest to pay their fair share. Fiscal discipline remains a central priority in our budget.”

BIDEN GETS TALKING POINT ABOUT MEDICARE AT PENSE UNSUSTAINABLE FICITS

Yellen observed that the Biden Plan lowers deficits by around $3 trillion over 10 years. However, Republicans claim that that is only a small drop in the bucket considering the amount of debt that the United States has already incurred.

Smith attacked Biden’s budget and pointed out the president’s demand for a tax hike.

“After two years of economic failures, the American people desperately want results. The budget before us today calls for $4.7 trillion in new taxes and $6.9 trillion in new spending during a staggering debt crisis,” He stated.

The budget proposal would raise the top marginal tax rate on those making over $400,000 per year to 39.6% — the rate it was before the Trump tax cuts, up from the current 37% rate. The budget also raises capital gains tax for those who earn more than $1 million, from 20% to 39.6%.

Biden also proposed raising the bar.