- Janet Yellen said Tuesday her department is working to distribute Biden’s relief package quickly.
- She said the rescue plan could help avoid a key mistake made during the Great Recession.
- The $US1.9 ($2) trillion stimulus package includes $US1,400 ($1,817) direct payments and $US3,600 ($4,671) annual child tax credits.
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Treasury Secretary Janet Yellen said on Tuesday her department is working to distribute Joe Biden’s stimulus relief package as quickly as possible.
“In the coming days, our Treasury team is going to work to get this aid out as in the quickest way possible – and the one that produces the greatest impact,” Yellen said in prepared remarks at the National League of Cities virtual conference.
The Senate passed the massive $US1.9 ($2) trillion stimulus package on Saturday, and Biden is set to sign it into law later this week. The economic relief measures, which will likely rank among the largest in American history, include 1,400 direct payments, $US300 ($389) a week in extra jobless benefits, and $US3,600 ($4,671) annual child tax credits.
White House press secretary Jen Psaki said earlier Tuesday in order to deliver relief checks quickly, Biden’s name would not be printed on them. “This is not about him,” Psaki said. “This is about the American people getting relief.”
Yellen further added that the pandemic rescue plan would avoid the mistakes made by the federal government after the financial recession of 2008.
“During the Great Recession, when cities and states were facing similar revenue shortfalls, the federal government didn’t provide enough aid to close the gap,” Yellen said. “It was a profound error.”
States and cities would get $US350 ($454) billion under Biden’s stimulus package.
Yellen said she hopes by the end of the year, “city economies will resemble 2019 much more than 2020.” She has previously estimated that without the stimulus package, the US wouldn’t go back to full employment until 2024.