- Republicans launched attacks against Biden’s incentive plan during the Yellen hearing on Tuesday.
- Senator Chuck Grassley called it “a laundering list of liberal structural economic reforms.”
- The hearing is likely to herald the stiff opposition that many parts of Biden’s economic agenda will face on Capitol Hill.
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Senate Republicans stepped up their criticism of President-elect Joe Biden’s economic bailout package on Tuesday, indicating that he will likely face strong resistance among Republican lawmakers wary of supporting more federal spending.
During the hearing to confirm Biden’s appointment – Biden’s choice as Treasury secretary – Republicans tried to put him on the defensive over Biden’s $ 1.9 trillion economic aid plan.
Senator Chuck Grassley of Iowa, the outgoing chair of the Senate Finance Committee, attacked the plan as “a laundering list of liberal structural economic reforms” in his introductory remarks.
Then the Republicans began campaigning against it.
Senator John Thun of South Dakota, who is the second Republican in the Senate, said he was concerned about “the enormous amount of debt we carry” and urged lawmakers not to underestimate it in the coming months. It ballooned throughout President Donald Trump’s tenure as Republicans imposed hefty tax cuts on companies in 2017.
Yelin He also challenged the arguments From Senator Tim Scott of South Carolina that the $ 15 minimum wage – a prerequisite in the plan – would cause massive job losses. She pointed to a large group of research indicating in neighboring countries where one raises the hourly wages and the other does not, the loss of jobs is “very small” in the state that raised workers’ wages.
Senator Pat Twomey of Pennsylvania has warned of “yet another spending explosion” as a result of the Biden economy. “I look forward to working with you, but I have to admit that the features of the stimulus bill as proposed by the Biden administration will make this difficult,” Lillin later said.
The hearing is likely to herald the stiff opposition that many parts of Biden’s economic agenda will face on Capitol Hill. As Treasury Secretary, Yellen will play a crucial role in sponsoring the administration’s plans through a divided Congress. Democrats will have very slim majorities in both the House and Senate.
Yellen defended the massive amount of spending Biden sought. She said the economic recovery was at risk unless Congress moves quickly to approve more federal aid to mitigate the devastation caused by the epidemic, particularly among women and minority communities.
It has also sought to assuage Republican annoyance over the possibility of tax increases during the downturn, given that they form a core part of Biden’s economic agenda. “The focus is now on providing relief and helping families keep a roof over their heads and food on the table, not raising taxes,” she said.
Biden presented a $ 1.9 trillion economic aid package last week that included a wide range of relief items. It included federal unemployment benefits, direct payments, expanded tax credits for low-income Americans, assistance to state and local governments and vaccine distribution funds.
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