Yellen: $3 trillion infrastructure bill through tax increases to achieve the United States to achieve full employment next year

U.S. Treasury Secretary Yellen said Tuesday (23) that the Biden administration’s proposal to implement a $3 trillion infrastructure bill may require a tax increase to achieve it.

In testimony before the House Financial Services Committee, she said she expects to make adjustments in taxes to prepare the infrastructure bill, while stressing the need for increased revenue to support the spending needed by the economy. However, Yellen stressed that the government would never propose policies that could harm U.S. small businesses and consumers.

For the job market, Yellen expects the U.S. to return to full employment next year, arguing that the current $1.9 trillion stimulus package has been very effective in boosting the economic outlook. On the same occasion, Federal Reserve Chairman Jerome Powell said the job outlook has improved, although the rebound of the new coronary pneumonia (CCP virus) outbreak has caused some industries to remain weak.