Yellen Defends Stimulus Plan Price Tag

Janet Yellen, in her testimony to the Senate Finance Committee, emphasized the importance of President Biden's $1.9 trillion stimulus package to combat COVID-19's economic impact. Despite Republican concerns about increased spending, Yellen argued for the necessity of the package. She also maintained a firm stance on China, labeling it a strategic competitor, and opposed the idea of a weaker dollar, advocating for market determination. Yellen acknowledged the growing debt but noted that low interest rates mitigate the immediate burden, though long-term fiscal health remains a concern.

What was the main focus of the cabinet nominee's testimony during the confirmation hearing?

• Improving healthcare infrastructure

• Reducing the national debt

• Supporting President Biden's fiscal stimulus package

• Increasing military spending

What concern did Republican lawmakers express about the stimulus plan?

• It does not address unemployment

• It would lead to higher taxes

• It focuses too much on healthcare

• It might harm the economy as much as it helps

How did the nominee view China's role in relation to the United States?

• As an ally in economic growth

• As a neutral entity

• As a minor trading partner

• As a strategic competitor

What was the nominee's stance on the Trump administration's suggestion about the dollar?

• The dollar's value should be market-driven

• The dollar should be weakened

• The dollar should be strengthened

• The dollar's value should be government-controlled

What is the nominee's concern regarding borrowing money in the current economic environment?

• Interest rates are too high

• Borrowing is seen as free money due to low interest rates

• There is no need for additional borrowing

• The economy is too strong to borrow