Janet Yellen: Stimulus spending contributed only modestly to inflation
CNN
Treasury Secretary Janet Yellen on Wednesday defended the Biden administration's 2021 stimulus package against criticism that it is to blame for high inflation.
In her second straight day of testimony, Yellen told lawmakers during a hearing before the House Ways and Means Committee that the American Rescue Plan, signed into law in March 2021, contributed only "modestly" to higher prices.
"I hate to think about what the situation — especially for low-income families — would be without the help provided by that plan," Yellen said.
President Joe Biden asserted Friday that Hamas has been degraded to a point where it can no longer carry out the type of attack that launched the current 8-month conflict in Gaza, laying out a three-phase proposal Israel has submitted to wind down the grinding crisis as he declared, “It’s time for this war to end.