'Act Big' Now To Save Economy, Worry About Debt Later, Yellen Says In Treasury Testimony

• Janet Yellen, U.S. President-elect Joe Biden's nominee for Treasury Secretary, urged lawmakers on Tuesday to "act big" on coronavirus relief spending, arguing that the economic benefits far outweigh the risks of a higher debt burden.
• In more than three hours of confirmation hearing testimony, the former Federal Reserve chair laid out a vision of a more muscular Treasury that would act aggressively to reduce economic inequality, fight climate change and counter China's unfair trade and subsidy practices.
• Taxes on corporations and the wealthy will eventually need to rise to help finance Biden's ambitious plans for investing in infrastructure, research, and development, and for worker training to improve the U.S. economy's competitiveness, she told members of the Senate Finance Committee.

(Source: Reuters)