That's not hyperbole," Biden said Friday morning in the Oval Office during a meeting with House Democratic leadership. Biden signaled Friday afternoon that he would move forward with his proposal regardless of whether Republicans get on board. The President has said he will unveil his recovery proposal during his address to a joint session of Congress this month. "And right now, we have inflation that's been below the Fed's target rate of 2% for well over a decade." Bernstein also said that Summers' assertion that the Biden administration "was being dismissive of any potential inflationary pressures" was "flat out wrong."

Source: CNN February 05, 2021 16:29 UTC