Yellen: US could reach full employment next year if Congress passes Biden's stimulus plan
Source: CNN
By Devan Cole, CNN
Updated 10:26 AM ET, Sun February 7, 2021
Treasury Secretary Janet Yellen said Sunday the US could see full employment next year if Congress passes President Joe Biden's proposed stimulus package, but warned the country's unemployment rate would remain elevated over the next few years without the additional $1.9 trillion in federal support.
"I would expect that if this package is passed that we would get back to full employment next year," Yellen told CNN's Jake Tapper on "State of the Union."
"The Congressional Budget Office issued an analysis recently and it showed that if we don't provide additional support, the unemployment rate is going to stay elevated for years to come," she added. "It would take (until) 2025 in order to get the unemployment rate down to 4% again."
Yellen's assessment comes as the White House is pushing the President's package through Congress, where it faces resistance from Republicans opposed to its price tag as well as some of its key elements. Lawmakers are under pressure to pass a relief package as Americans continue to suffer financially amid the pandemic's economic fallout.
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