Treasury Secretary Janet Yellen says President Joe Biden’s massive proposed spending on infrastructure, families and education won’t fuel inflation because the plans would be phased in gradually over 10 yearsWASHINGTON -- President Joe Biden’s massive proposed spending on infrastructure, families and education will not fuel inflation because the plans would be phased in gradually over 10 years, Treasury Secretary Janet Yellen said Sunday. New economic reports have portrayed a surging recovery from the recession unleashed by the coronavirus pandemic. Addressing fears about inflation, Yellen said on NBC's “Meet the Press” that the proposed spending “comes into effect once the economy is back on track.”“It’s spread out quite evenly over eight to 10 years. The administration is pledging that under its plan, no family earning less than $400,000 would pay a penny more in taxes. Like the spending plans, the tax changes must be enacted by Congress, and the White House’s negotiations with Republican lawmakers, and some Democrats, who staunchly oppose tax increases promise to be strenuous.

Source: ABC News May 02, 2021 19:07 UTC