But Yellen told a U.S. House of Representatives Appropriations subcommittee that Biden’s budget plans were fiscally responsible, partly because the real interest burden to finance the federal debt is currently negative because long-term Treasury yields of 1.6% are below a 2% inflation rate.

“We’ll have a temporary period of spending too and some of these increases, will – beyond the budget window – will result in lower deficits and more tax revenue to support those expenditures. I believe it is a fiscally responsible program,” Yellen said.

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