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I personally believe this is a responsibility that Republicans and Democrats should share, that it's something that both parties should do together, it's a housekeeping matter, doing what's necessary to pay our bills. I have confidence it will get done, but I will leave it to the Speaker and to Leader( Chuck) Schumer to figure out what the best way is forward on that.
It's led to a series of politically dangerous conflicts that have caused Americans and global markets to question whether or not America is serious about paying its bills, it's an impossible situation. Congress needs to debate these issues when they're deciding on spending and taxation, not to, every several years, put a hard stop and say,' Well, now we're not going to let the Treasury Secretary pay the nation's bills,'.
While our economy continues to expand and recapture a substantial share of the jobs lost during 2020, significant challenges from the Delta variant continue to suppress the speed of the recovery and present substantial barriers to a vibrant economy, still, I remain optimistic about the medium-term trajectory of our economy, and I expect we will return to full employment next year.
For the first time in our nation's history, American working families are receiving monthly tax relief payments to help pay for essentials like doctor's visits, school supplies, and groceries, this major middle-class tax relief and step in reducing child poverty is a remarkable economic victory for United States of America -- and also a moral one.
For the first time in our nation's history, American working families are receiving monthly tax relief payments to help pay for essentials like doctor's visits, school supplies, and groceries, this major middle-class tax relief and step in reducing child poverty is a remarkable economic victory for America -- and also a moral one.
I plan to shortly convene the heads of the MDBs to articulate our expectations that the MDBs align their portfolios with the Paris Agreement and net-zero goals as urgently as possible, we also expect them to take steps to more effectively mobilize private capital so that developing countries can increasingly benefit from private sector pledges to support climate-aligned and sustainable investments.
All I can really tell you is that the debt ceiling comes back into effect on July 31, and there are a series of so-called ‘extraordinary measures’ that are ordinary in the sense that they’ve been used many times in the past, but it’s exceptionally challenging this time to try to figure out just how long those measures are going to last, in part because of higher and more volatile spending in revenue numbers associated with the state of the economy and the pandemic.
It may be that interest rates will have to rise somewhat to make sure that our economy doesn’t overheat, even though the additional spending is relatively small relative to the size of the economy, it could cause some very modest increases in interest rates to get that reallocation, but these are investments our economy needs to be competitive and to be productive (and) I think that our economy will grow faster because of them.
We're working with G20 nations to agree to a global minimum corporate tax rate that can stop the race to the bottom. Together, we can use global minimum tax to make sure that the global economy thrives, based on a more level playing field in the taxation of multinational corporations and spurs innovation, growth and prosperity, competitiveness is about more than how U.S.-headquartered companies fare against other companies in global merger and acquisition bids.
I will be focused from day one on providing support to America's workers and to small business, putting into effect as quickly and efficiently as I can the relief in the bill that was already passed and then, over time, working for a second package that I think we need to get through these dark times before the vaccination program enables us to go back to life as we knew it.
Neither the president-elect, nor I, propose this relief package without an appreciation for the country’s debt burden. But right now, with interest rates at historic lows, the smartest thing we can do is act big, i believe the benefits will far outweigh the costs, especially if we care about helping people who have been struggling for a very long time.
I really think it is not a desirable thing for a president to comment so explicitly on The Fed policy, obviously, presidents can speak out if they choose to and give their opinions about policy, there's no law against that, but I don't think it's wise and I do think The Fed has a strong reputation for acting in an independent and non-political way and I would not like to see that reputation damaged.
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