“I am confident that what we need to do to come into compliance with the minimum tax will be included in a reconciliation package,” Yellen said Sunday on ABC’s “This Week,” referring to a spending bill Democrats are preparing.
An overhaul of how to tax multinational companies took a
Yellen also expressed confidence that Democrats would come to an agreement over the content and size of a long-term spending package. Party moderates have rejected the $3.5 trillion headline number President
“This is a healthy give-and-take going on right now among Democrats with different points of view,” Yellen said. “We do have a limit on the amount we can spend and there are hard trade-offs that are going to have to be made.”
She also repeated her warnings about the consequences should Congress fail to further raise or suspend the U.S. debt ceiling.
Republicans agreed to a temporary solution last week, pushing the deadline back to December but continue to insist they won’t cooperate in a longer-term raise or suspension of the ceiling.
Should the U.S. fail to meet its financial obligations, Yellen said, would risk a recession and damage the country’s credit rating.
“It’s absolutely imperative that we raise the debt ceiling,” she said.
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