U.S. Treasury Secretary Janet Yellen on Saturday said she never pushed for cuts to President Joe Biden's $1.9 trillion American Rescue Plan, rebutting a media report in which a biographer was quoted as saying she favored scaling it back to avoid inflation.
"I never urged adoption of a smaller American Rescue Plan package, and I believe that ARP played a central role in driving strong growth throughout 2021 and afterwards," Yellen said in a rare response to a media report.
The White House issued a statement of its own, arguing that the American Rescue Plan helped engineer a strong U.S. recovery and that higher food and energy prices were not the result of the stimulus package.Yellen is expected to face tough questions about inflation during two congressional hearings next week.
In her statement on Saturday, Yellen said that high inflation was now the Biden administration's top economic priority. "We are committed to addressing it by respecting the independence of the Federal Reserve and giving them the space to act," Yellen said on Saturday.Reporting by Andrea Shalal and Kanishka Singh in Washington; Editing by Lisa ShumakerSubscribe to our sustainability newsletter to make sense of the latest ESG trends affecting companies and governments.
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