Treasury Secretary Janet Yellen attends an economic briefing with US President Joe Biden at the Roosevelt Room at the White House in Washington, March 5, 2021.
Tom Brenner | Reuters
Finance Minister Janet Yellen swore on Tuesday that the money that is intended for state and local government support in the new stimulus law will be sent out as soon as possible.
With the House pass of the $ 1.9 trillion spending plan imminent, Yellen said diverting the $ 350 billion set aside to make up for deficits in revenue will be a priority.
“The rescue plan will fund a large-scale vaccination campaign. It will ensure that people can keep a roof over their heads and that unemployment insurance checks will still come by mail,” she told a virtual conference of the National League of Cities. “In the coming days, our Treasury team will work to get this help out as soon as possible – and the one that will have the greatest impact.”
The government support was one of the main bottlenecks in getting President Joe Biden’s stimulus plan through Congress. The measure did not receive Republican support in the Senate and will likely meet the same fate in the House.
GOP members argue that the allotment is a bailout for poorly managed states and municipalities, while Democrats say it is an important part of seeing through the recovery.
“As we do our job, I am confident that Americans will get to the other side of this pandemic – and meet some degree of prosperity there. By the end of the year, I expect your city’s economies to be much closer to 2019. will appear beyond 2020, ”said Yellen.
Along with state and local aid, the bill will also provide an additional $ 1,400 of cash infusion to individuals, freeing up money for the fight against Covid-19 and a host of other measures not directly related to the pandemic.
Yellen said the spending package is not just about fighting fires and resolving crises, but building a better country.
“This law will get us through the immediate crisis, clearing the chaos before our very eyes and ultimately setting our sights on the future,” she added.