Biden, Yellen call for swift action on coronavirus relief package
By Brett Samuels - 01/29/21 12:51 PM EST President Biden on Friday pushed Congress to act urgently on his proposed economic relief package as the White House scraps to garner bipartisan support.
"The choice couldn't be clearer. We have learned from past crises that the risk is not doing too much. The risk is not doing enough. And this is a time to act now,†Biden said during a meeting with top economic advisers in the Oval Office.
Biden cited studies that show inaction could lead to massive long-term job losses and further delay the economy from getting back on track amid the coronavirus pandemic.
“There is an overwhelming consensus among economists — left, right and center — that this is a unique moment in this crisis, and the cost of inaction is high and is growing every day," Biden said, noting that advisers to former Presidents Trump and George W. Bush have made the same case.
Treasury Secretary Janet Yellen, who joined Biden for the meeting, pointed to data released a day earlier that showed 847,000 Americans filed for unemployment claims as the economic recovery lags and the pandemic worsens.
“The president is absolutely right. The price of doing nothing is much higher than the price of doing something, and doing something big," Yellen said. "We need to act now, and the benefits of acting now and acting big will far outweigh the costs in the long run."
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https://thehill.com/homenews/administration/536492-biden-yellen-call-for-swift-action-on-coronavirus-relief-package