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Yellen Runs Into GOP Resistance to ‘Act Big’ Call for Stimulus

  • Senate Finance panel vets Yellen for Treasury secretary post
  • Ex-Fed chair makes first bid selling Biden’s stimulus plan
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Yellen Tells Senate It's Time to 'Act Big' on Stimulus
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Janet Yellen encountered early Republican resistance to President-elect Joe Biden’s $1.9 trillion Covid-19 relief plan in her confirmation hearing to become Treasury secretary Tuesday, as she sought backing for what she described as vital support for the economy.

“Right now, short term, I feel that we can afford what it takes to get the economy back on its feet, to get us through the pandemic,” Yellen told the Senate Finance Committee, highlighting that interest rates are historically low and that debt-servicing payments as a share of the economy are lower today than before the 2008 financial crisis. “It would be a false economy to stint.”