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Home›Hungary economy›Yellen says infrastructure overhaul will boost U.S. economy

Yellen says infrastructure overhaul will boost U.S. economy

By Arthur Holmes
September 28, 2021
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WASHINGTON – Treasury Secretary Janet Yellen said on Tuesday that President Joe Biden’s spending proposals will meet long-standing U.S. infrastructure needs and prepare the country for future challenges.

In an address to the National Association for Business Economists, Yellen called on Congress to support the Biden administration’s $ 3.5 trillion “Build Back Better” initiative that would expand the social safety net and tackle change. climate. She also asked for support for a $ 1 trillion bipartisan bill to tackle more traditional infrastructure, such as roads and bridges.

“Investments in the president’s program would be a radical overhaul of our national infrastructure,” Yellen said.

She listed among the upgrades a new power grid and power structure, new passenger and freight rail systems, as well as fixes for roads and bridges that she had been “in poor condition and unsafe for decades.” She also listed broadband, new schools, clean water and environmental sanitation measures to help mitigate the impacts of climate change.

Yellen spoke as the administration and Democratic leaders fight behind the scenes of Congress to rally votes for the two infrastructure bills as well as a debt limit increase and a interim spending that must be passed before Friday to avoid a government shutdown.

“Throughout American history, we have seen inflection points where policymakers have had the courage to think big and act big to address long-standing flaws in the dominant economic landscape,” Yellen said. “Today we face an equally important time when Congress can think big and act big to decisively send us on a better course.”

Yellen said all investments would be fully paid for through higher taxes on large profitable companies, better enforcement of the existing tax system, and savings resulting from reforms to government health care programs.

However, Biden’s “Build Back Better” program faces strong opposition from Republicans who argue the $ 3.5 trillion price tag is too high and oppose the tax increase.

In a question-and-answer session, Yellen defended the administration’s efforts to establish a global minimum corporate tax, which Republicans on Capitol Hill opposed.

“If you look at corporate tax rates globally, you see a steady downward progression over the decades,” Yellen said. “It reflects a competitive race to the bottom.”

Yellen said the administration was on the verge of securing support from 140 countries to establish a minimum corporate tax of at least 15%. She said countries looking to become tax havens such as Ireland, Estonia and Hungary have refused to join the deal, but “we are working hard to find ways to get them involved.”

She said she hoped to gain political endorsement from world leaders at a meeting of the Group of 20 Major Industrial Countries in late October. She said provisions for changes to be made to U.S. law have been included in the $ 3.5 trillion spending plan the administration is trying to get Congress to pass on the basis of votes alone. democrats.

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