Treasury Secretary Janet Yellen warns on Thursday that her agency still lacks enough resources to oversee the economic recovery, which has a “long way” to oversee a vast series of bailout programs. Asked Congress to provide more money for it.
In a testimony to the House Expenditure Subcommittee, Yellen expressed confidence that the end of the pandemic recession was on the horizon, but the Treasury was overwhelmingly tasked with spending hundreds of billions of dollars in bailouts on the same budget. He said he was facing. It was ten years ago. The Treasury is at the heart of the federal response to the health crisis and has poured exciting payments and aid into millions of Americans, states, cities and businesses.
“Our team has done a brave job to implement these programs with free resources,” Yellen said in a prepared statement. “But with a budget designed for 2010, we can’t continue to be a good admin for this recovery.
Biden administration officially Propose a $ 6 trillion budget on Friday.
According to Yellen, the Treasury’s domestic finance, economic and tax departments have cut their budgets by about 20% since 2016 during the Trump administration. She was responsible for paying about $ 800 billion in stimulus last year by the Internal Revenue Service, whose budget has been cut over the last decade, and is now preparing to begin monthly payments for an extended child tax credit. Said that is in place ..
White House reserve budget, Released in AprilDemanded $ 14.9 billion from the Treasury. This includes the IRS of $ 13.2 billion.
Yellen insisted on strengthening the IRS and said the agency’s lack of staff to crack down on tax fraud is likely to overlook $ 7 trillion in government tax revenues over the next decade.
Yellen is expected to face questions from lawmakers about the economic recovery trajectory, the threat of inflation, and what he said earlier this month. Interest rates may rise Because the economy will recover.
Treasury Secretary Calls Parliament for More Funding
Source link Treasury Secretary Calls Parliament for More Funding