Yellen Testimony To Senate Finance Committee Underway Shortly

Treasury Secretary Janet Yellen is shortly due to deliver testimony to the Senate Finance Committee on President Biden’s FY25 budget request. LIVESTREAM

• Yellen will say in opening remarks: “As a whole, the budget will enable us to continue to grow our economy and support workers and families while upholding our commitment to fiscal responsibility and reducing the deficit.”
• Yellen will tout a “historic economic recovery," and says that, "GDP growth is strong, inflation has come down significantly, and the labor market is remarkably healthy."
• Yellen: "...we see many signs of optimism, from a record 16 million small business filings under this Administration to improved consumer sentiment over the past three months.”
• Punchbowl News notes: “Administration officials typically make the rounds among the committees after the president’s budget release. But today, all the tax talk hits harder given the big 2025 tax cliff next year under the 2017 Trump tax cut law.”
• Yellen will advocate for a 15% global tax rate, which is currently stalled in Congress: “President Biden and I continue to urge Congress to act so that the United States plays its part in the global minimum tax deal, which is currently being implemented in jurisdictions around the world to end the race to the bottom in corporate taxation.”
• Yellen will also warn of “misguided proposals that will grow the deficit by offering large tax breaks to the wealthy and big corporations," referencing another potential round of tax breaks from a second Trump administration.