WASHINGTON (Reuters) - Janet Yellen, U.S. President-elect Joe Biden’s nominee for Treasury Secretary, urged lawmakers on Tuesday to “act big” on the next coronavirus relief package, adding that the benefits outweigh the costs of a higher debt burden.
“Neither the president-elect, nor I, propose this relief package without an appreciation for the country’s debt burden.
But right now, with interest rates at historic lows, the smartest thing we can do is act big,” Yellen, a former Federal Reserve chair, told the Senate Finance Committee.
A spokeswoman for departing Treasury Secretary Steven Mnuchin, who steps down on Wednesday, could not immediately be reached for comment.
She also said that she believed some, but not all, of the signature 2017 tax reform act should be repealed.
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