US Treasury head says Biden's plan will reduce deficit in long run

By Ovunc Kutlu

ANKARA (AA) - US Treasury Secretary Janet Yellen said Thursday that President Joe Biden's Build Back Better framework spending bill would reduce the deficit in the long run.

"The Build Back Better legislation presents a historic opportunity to make investments that will cut costs for families, create good jobs, and increase economic growth for the long term," Yellen said in a statement.

"The investments and revenue provisions of the Build Back Better package would raise over $2 trillion in offsets, making the entire package paid for over ten years and would reduce deficits over the long term," she added.

Biden unveiled details of his $1.75 trillion Build Back Better framework for social and climate change on Oct. 28, dubbing it "fiscally responsible” and "fully paid for."

He argued that the framework would lower inflationary pressures on the American economy and said it would reduce the deficit during the next 10 years.