Janet Yellen, who served as Treasury Secretary in the Biden administration, faced a reality check on Monday after saying that she thought the idea of bringing manufacturing back to the United States was a &#8220;pipe dream,&#8221; dismissing one of the <a href="https://www.whitehouse.gov/fact-sheets/2025/04/fact-sheet-president-donald-j-trump-declares-national-emergency-to-increase-our-competitive-edge-protect-our-sovereignty-and-strengthen-our-national-and-economic-security/" target="_blank" rel="noopener">goals</a> of President Donald Trump&#8217;s tariff agenda.
Within hours of Yellen making the comment on <a href="https://www.youtube.com/watch?v=P_rMsHQtDjM" target="_blank" rel="noopener">CNBC</a>, top semiconductor company Nvidia <a href="https://www.dailywire.com/news/tech-giant-commits-500-billion-to-make-ai-supercomputers-entirely-in-the-u-s" target="_blank" rel="noopener">unveiled</a> plans to fully build AI supercomputers in the United States and invest half a trillion dollars of AI infrastructure through partnerships on American soil.
The &#8220;Trump War Room&#8221; account on X took note of the series of events.
&#8220;Just before [Nvidia]’s groundbreaking announcement to manufacture AI supercomputers in America, Janet Yellen went on CNBC to dismiss the American manufacturing renaissance as a &#8216;pipe dream,'&#8221; the account <a href="https://x.com/TrumpWarRoom/status/1911788523100815772" target="_blank" rel="noopener">said</a>. &#8220;Yet, as Nvidia showed, more companies are choosing to BUILD IN THE USA — and this is just the beginning.&#8221;
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Just before <a href="https://twitter.com/nvidia?ref_src=twsrc%5Etfw">@NVIDIA</a>’s groundbreaking announcement to manufacture AI supercomputers in America, Janet Yellen went on CNBC to dismiss the American manufacturing renaissance as a &quot;pipe dream.&quot;
Yet, as Nvidia showed, more companies are choosing to BUILD IN THE USA—and this is just… <a href="https://t.co/mYfPpGeuJ9">https://t.co/mYfPpGeuJ9</a> <a href="https://t.co/c77474zjFz">pic.twitter.com/c77474zjFz</a>
&mdash; Trump War Room (@TrumpWarRoom) <a href="https://twitter.com/TrumpWarRoom/status/1911788523100815772?ref_src=twsrc%5Etfw">April 14, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
The account continued, &#8220;Ironically, [Trump] posted on Truth today: &#8216;THE BEST DEFINITION OF INTELLIGENCE IS THE ABILITY TO PREDICT THE FUTURE!!!&#8217;, and clearly, Yellen lacks that ability. Welcome to America’s Manufacturing Renaissance, [Yellen]!&#8221;
Yellen&#8217;s &#8220;pipe dream&#8221; assessment did not come in a vacuum.
Over the past week, media reports have featured &#8220;economic experts&#8221; <a href="https://abcnews.go.com/Politics/trump-tariffs-entice-companies-expand-us-manufacturing-economic/story?id=120635951" target="_blank" rel="noopener">warning</a> Trump&#8217;s tariffs would not entice companies to expand U.S. manufacturing, and survey results <a href="https://www.cnbc.com/2025/04/14/tariffs-wont-bring-manufacturing-back-to-us-supply-chain-survey.html" target="_blank" rel="noopener">showing</a> most businesses say high costs would keep them from re-shoring.
However, in her interview, Yellen went further than simply stating that restoring manufacturing to the United States was unlikely. She also posited, &#8220;We could even raise questions about whether or not, in a broad-based way, that&#8217;s a desirable goal.&#8221;
On X, the &#8220;Rapid Response&#8221; account for Trump&#8217;s White House <a href="https://x.com/RapidResponse47/status/1911758681907077131" target="_blank" rel="noopener">fired back</a>.
&#8220;The same politicians who sold American workers out to foreign countries for decades now say an American manufacturing renaissance is a &#8216;pipe dream&#8217; that isn&#8217;t even a &#8216;desirable goal,'&#8221; the account said. &#8220;1) [Trump] doesn&#8217;t accept that. 2) That attitude is how we got here. 3) They hate you.&#8221;
Mike Waltz, who serves as Trump&#8217;s national security adviser, took a swipe at the Biden administration.
&#8220;The previous administration accepted defeat and raced to off shore jobs and U.S. investment,&#8221; Waltz <a href="https://x.com/MikeWaltz47/status/1911821500530704750" target="_blank" rel="noopener">said</a> on X. &#8220;President Trump has brought in Trillions and Trillions of dollars of foreign investment in record time!&#8221;

Janet Yellen

Yellen Gets Reality Check After Calling U.S. Manufacturing Revival A ‘Pipe Dream’

Donald Trump

Economy

Mike Waltz

Tariffs

Trade War

U.S.

Republican lawmakers are demanding that the Biden administration provide answers on which China-sponsored group it believes is responsible for <a href="https://www.dailywire.com/news/chinese-hackers-breach-treasury-dept-in-major-cyber-security-incident" target="_blank" rel="noopener">successfully hacking</a> the Treasury Department last month. 
Senator Tim Scott (R-SC) and Rep. French Hill (R-AR) demanded this week that Treasury Secretary Janet Yellen brief them on the breach of department employee workstations and the unclassified documents stored on them. Scott is the top Republican on the Senate Committee on Banking, Housing, and Urban Affairs, while Hill is the vice chair of the House Committee on Financial Services. 
“This breach of federal government information is extremely concerning,” the lawmakers <a href="https://www.banking.senate.gov/imo/media/doc/lettertosecretaryyellenonccpcyberbreach.pdf" target="_blank" rel="noopener">wrote</a> on Tuesday. “As you know, Treasury maintains some of the most highly sensitive information on U.S. persons throughout government, including tax information, business beneficial ownership, and suspicious activity reports.”
“This information must be vigilantly protected from theft or surveillance by our foreign adversaries, including the Chinese Communist Party (&#8216;CCP&#8217;), who seek to harm the United States,” Scott and Hill added. “As such, the fact that a CCP-sponsored APT actor was able to access Treasury’s information systems is unacceptable and raises serious questions about the protocols for safeguarding sensitive federal government information from future cybersecurity incidents.”
The Treasury Department first publicly commented on the hack on Tuesday but said it was first notified of the breach on December 8. In a letter to senators, Assistant Secretary for Management Aditi Hardikar noted that the department believed a Chinese-backed intelligence group was behind the breach, calling it a “major cyber security incident.”
Hardikar added that the department believed China could no longer access its systems. 
In response, Scott and Hill want the Treasury Department to provide a briefing on the hacking no later than January 10. The briefing should provide more specific information on who the department believes was behind the breach and the extent of the information accessed. They also want details on what specific preventive measures have been taken to prevent similar incidents. 
China has denied involvement with the breach. Chinese Foreign Ministry spokeswoman Mao Ning said the accusation was “groundless” and lacked evidence. 
China has previously been accused of being behind major hacking operations targeting the American government, including <a href="https://www.dailywire.com/news/china-based-hackers-accessed-60k-u-s-state-dept-emails-in-microsoft-breach-senate-staffer-says" target="_blank" rel="noopener">one breach</a> that accessed tens of thousands of emails from State Department employees.

Treasury Secretary Yellen And President Clinton Mark 30th Anniversary Of The Community Development Financial Institution Fund

Republicans Demand Answers On Chinese Hacking Of Treasury Dept

Biden Administration

China

Congress

Hackers

Politics

Tim Scott

Treasury Department

Treasury Secretary <a href="https://www.dailywire.com/topic/janet-yellen" target="_blank" rel="noopener">Janet Yellen</a> was <a href="https://abcnews.go.com/ThisWeek/video/1-1-janet-yellen-111164541" target="_blank" rel="noopener">pressed on Sunday</a> to answer why voters are unhappy with the economy under President Joe Biden just months ahead of his expected rematch against former President Donald Trump in the 2024 election.
Jonathan Karl, a co-anchor of ABC News&#8217;s &#8220;This Week,&#8221; set up the question by telling Yellen that she had &#8220;cited a lot of positive macroeconomic indicators&#8221; while commenting on the economic situation in the United States.
&#8220;The rate of inflation is coming down. Unemployment is low. The economy&#8217;s growing. But why is it then that voters seem so unsatisfied?&#8221; Karl asked. &#8220;And in fact, in poll after poll, voters say they trust Donald Trump with the economy more than Joe Biden. What&#8217;s going on?&#8221;
&#8220;Well, I think the pandemic was a profoundly difficult time,&#8221; Yellen replied. &#8220;But in the years leading up to the pandemic, Americans were really, many of them, working-class families just struggling with things like healthcare costs, the cost of energy, education costs, childcare costs.&#8221;
She added, &#8220;And so they really feel the cost of living. Housing is particularly unaffordable in so many parts of the country. And I think the inflation that we experienced after the pandemic just compounded this feeling for them that life isn&#8217;t affordable. So it is the Biden administration&#8217;s top priority to address these costs where we possibly can.&#8221;
Karl interjected to focus on inflation.
&#8220;Yeah, and just to be clear, I mean, the rate of inflation is coming down, but overall inflation is up 19% since President Biden took office,&#8221; Karl said. &#8220;On some everyday goods, it&#8217;s much higher. The price of eggs is up 84% since President Biden took office; ground beef, up 30%; bread, up 27%. I mean, by and large, inflation rate may go down, but those prices aren&#8217;t returning to where they were. I mean, those prices are going to remain high.&#8221;
Yellen said &#8220;it is true that, over the last roughly three years, there&#8217;s been a significant increase in the price level. It&#8217;s now rising at a very slow, close to normal rate. But, yes, Americans see that, and mainly it comes on top of concerns about costs that were making life very difficult. So it&#8217;s something the Biden administration absolutely wants to address. I would point out, of course, that wages have also gone up during this time, and government studies show that, for all — for households at all points in the income distribution — wages have gone up somewhat more than prices. So the typical American is somewhat better off.&#8221;
Karl also asked Yellen to comment on Trump floating the idea of replacing federal income taxes with tariffs.
&#8220;It would require tariffs well over 100%,&#8221; Yellen said. &#8220;The impact would be to make life unaffordable for working-class Americans and would harm American businesses.&#8221;

Yellen Grilled On Voter Dissatisfaction With Economy Under Biden

2024 Election

Inflation

Joe Biden

Treasury Secretary Janet Yellen called for the U.S. and European Union to form a plan to seize or leverage Russian assets to offset Ukraine’s costs in fending off Russia’s invasion.
The U.S. and E.U. have access to about $280 billion worth of frozen Russian assets that Yellen and other officials hope to tap for Ukraine’s benefit. In remarks planned to be delivered in a speech in Frankfurt, Germany, on Tuesday, Yellen called for greater cooperation between the U.S. and E.U. to tap those resources, according to excerpts of Yellen’s speech viewed by <a href="https://www.bloomberg.com/news/articles/2024-05-20/yellen-urges-eu-allies-to-act-jointly-on-frozen-russian-assets" target="_blank" rel="noopener">Bloomberg</a>.
“It’s vital and urgent that we collectively find a way forward to unlock the value of Russian sovereign assets immobilized in our jurisdictions for the benefit of Ukraine,” Yellen&#8217;s remarks said, according to Bloomberg.
The Treasury secretary also called for continued aid to Ukraine.
“It’s also critical that we ensure Ukraine has the support it needs to equip its military, fund critical services, and ultimately rebuild in the medium- to long-term,” the speech continued.
The proposal to seize Russian assets to offset the cost of the war for Ukraine has earned critics in the West who are concerned that such a move would destabilize international financial markets. If the risk to foreign assets held in the U.S. or Europe becomes too great, countries may move to reduce or eliminate their exposure to such recriminations from Western governments. The result would be a much more fragmentary global financial system.
Ukraine has lost ground recently to a renewed Russian offensive in the eastern part of the country. Russia has surged troops into the region, especially in the northeast near Kharkiv, Ukraine’s second-largest city behind Kyiv.
Ukraine’s military has struggled to hold ground as it runs low on munitions, supplies, and soldiers.
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“The situation is on the edge,” Gen. Kyrylo Budanov, the head of Ukraine’s military intelligence agency, told <a href="https://www.nytimes.com/article/russia-ukraine-kharkiv.html" target="_blank" rel="noopener">The New York Times</a> last week. “Every hour this situation moves toward critical.”
Budanov delivered his assessment of the situation from a bunker in Kharkiv. He said that the Ukrainian military lines are strained from a lack of troops.
“All of our forces are either here or in Chasiv Yar,” he added, referring to a Ukrainian stronghold about 120 miles to the south of the city, also under threat from Russian forces. “I’ve used everything we have. Unfortunately, we don’t have anyone else in the reserves.”
President Joe Biden signed legislation for the U.S. to provide Ukraine with about $60 billion more in military aid last month.

Janet Yellen Calls For US, EU To Use Russian Assets To Pay For Ukraine War

Russia

Ukraine

Treasury Secretary Janet Yellen told Americans on Tuesday that their household finances were &#8220;quite strong&#8221; despite numerous polls indicating that&#8217;s not at all what average families are seeing from their kitchen tables.
Yellen made the assertion during an interview that aired on CNBC, where she concede that some lower-income families might be close to &#8220;exhausting&#8221; any buffers they may have had with regard to savings — but insisted that otherwise, household finances and the economy as a whole were &#8220;quite strong.&#8221;
WATCH:
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
.⁦<a href="https://twitter.com/SecYellen?ref_src=twsrc%5Etfw">@SecYellen</a>⁩ tells Americans that their household finances are “quite strong” <a href="https://t.co/gV1ns38B4U">pic.twitter.com/gV1ns38B4U</a>
&mdash; Tom Elliott (@tomselliott) <a href="https://twitter.com/tomselliott/status/1777668796330746095?ref_src=twsrc%5Etfw">April 9, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
&#8220;I believe inflation will continue to come down,&#8221; Yellen said — and when asked whether she believed the economy would &#8220;continue to hold up&#8221; in the days to come, she replied, &#8220;I think we&#8217;ve got a good, strong economy.&#8221;
&#8220;We&#8217;ve got very strong domestic demand, consumers are holding up — some low income consumers are perhaps exhausting their buffers of saving that they built up during the pandemic, we&#8217;re seeing a little bit more distress at the household level there, but generally households are in very good financial shape, our financial system is generally quite strong,&#8221; Yellen continued.
Yellen&#8217;s comments come on the heels of a number of polls indicating that average Americans do not agree with her — and many of them believe they were economically better off under former President Donald Trump than they have been under President Joe Biden.
A recent evaluation of several polls — compiled in late March by the <a href="https://www.brookings.edu/articles/how-voters-feel-about-the-economy-4-takeaways-from-the-latest-polls/" target="_blank" rel="noopener">Brookings Institution</a> — showed that nearly across the board, Americans don&#8217;t believe the Biden economy has done them any favors.
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A <a href="https://www.nytimes.com/2024/03/05/business/economy/biden-economy-times-siena-poll.html" target="_blank" rel="noopener">New York Times poll</a> conducted in early March, for example, showed that just 26% saw economic conditions as &#8220;excellent or good.&#8221; More than half (51%) said conditions were &#8220;poor&#8221; and 23% said that economic conditions were &#8220;fair.&#8221;
An <a href="https://d3nkl3psvxxpe9.cloudfront.net/documents/econTabReport_mTlzQOB.pdf#page=111" target="_blank" rel="noopener">Economist/YouGov survey</a> published in late March did not paint a rosier picture for Biden: just over one-fifth of voters (21%) believed the economy was getting better, while more than half (52%) said that it was getting worse.
A March poll from <a href="https://www.cbsnews.com/news/poll-trump-leads-biden-economy/" target="_blank" rel="noopener">CBS News</a> took things a step further, asking voters to directly compare Biden&#8217;s economy to Trump&#8217;s: when they did so, only 38% rated Biden&#8217;s economy as good — compared to 65% who said Trump&#8217;s economy was good.

Sec Yellen Econ-Splains To Average Americans: Your Finances Are Fine, Everything Is Fine

<div>
Asked whether the Treasury Department urged financial institutions to examine legal purchases for signs of extremism, Treasury Secretary Janet Yellen dodged the question, Fox News <a href="https://www.foxbusiness.com/politics/yellen-dodges-whether-treasury-department-moved-surveil-americans-legal-purchases">reported</a>.
</div>
<div>
In January, the House Judiciary Committee <a href="https://www.foxnews.com/politics/house-gop-investigating-bank-america-voluntarily-fbi-list-customers-jan-6" target="_blank" rel="noopener">asserted</a> that federal investigators, as part of an investigation into the events of January 6, 2021, urged banks to search and filter legal purchases with terms like &#8220;MAGA,” “Trump,” “Dick&#8217;s Sporting Goods,” “Cabela&#8217;s,”  and “Bass Pro Shops” while warning that the sale of “religious texts” could indicate &#8220;extremism.&#8221;
House Judiciary Committee Chair Jim Jordan <a href="https://judiciary.house.gov/sites/evo-subsites/republicans-judiciary.house.gov/files/evo-media-document/2024-01-17-jdj-to-bishoff-re-ti-request.pdf">stated in a letter</a> that after Jan. 6, the Treasury Department’s Office of Stakeholder Integration and Engagement in the Strategic Operations of the Financial Crimes Enforcement Network (FinCEN), sent banks outlines “typologies” of “various persons of interest” as well as “suggested search terms and Merchant Category Codes for identifying transactions on behalf of federal law enforcement.”
</div>
<div>
“According to this analysis, FinCEN warned financial institutions of ‘extremism’ indicators that include ‘transportation charges, such as bus tickets, rental cars, or plane tickets, for travel areas with no apparent purpose,’ or ‘the purchase of books (including religious texts) and subscriptions to other media containing extremist views,’” Jordan wrote to the former director of FinCEN. “In other words, FinCEN used large financial institutions to comb through the private transactions of their customers for suspicious charges on the basis of protected political and religious expression.”
</div>
<div>
On Tuesday, Rep. Ann Wagner (R-MO) <a href="https://katv.com/news/nation-world/treasury-secretary-wont-say-whether-dept-surveils-americans-purchases-concerning-janet-yellen-ann-wagner-fincen-transactions-financial-crimes-enforcement-network" target="_blank" rel="noopener">stated</a>, “Increasingly, we are hearing the federal government is suggesting banks search private financial transactions using highly partisan political terms or check to see if customers made purchases that could be associated with legal sales of firearms or even religious texts.”
</div>
<div>
She asked Yellen, &#8220;Has Treasury — including FinCEN or federal banking agencies like the Fed, FDIC, OCC — instructed financial institutions to search Americans&#8217; legal transactions in attempts to surveil their purchases?”
</div>
<div>
“Well, we received the letter from you, I believe, on this topic, and we intend to investigate and to respond,” Yellen dodged. 
</div>
<div>
“Have you instructed banks and financial institutions to provide this information?” Wagner pressed.
</div>
<div>
&#8220;Well, FinCEN, our job is to work with financial institutions to make sure —&#8221; Yellen replied.
</div>
<div>
&#8220;Are they instructing financial institutions to search Americans&#8217; legal transactions in attempts to surveil their purchases?&#8221; Wagner reiterated.
</div>
<div>
&#8220;I promise a thorough look into everything,&#8221; Yellen answered.
</div>

Treasury Secretary Janet Yellen On Capitol Hill

Janet Yellen Dodges Questions On Whether Biden Treasury Dept Urged Banks To Search Private Transactions

Banks

Privacy

Senator <a class="c-link c-link--focus-visible" href="https://www.dailywire.com/topic/tim-scott" target="_blank" rel="noopener noreferrer" data-stringify-link="https://www.dailywire.com/topic/tim-scott" data-sk="tooltip_parent">Tim Scott</a> (R-SC) pressed Treasury Secretary Janet Yellen on Friday over a report that said federal officials instructed banks to turn over customer data of transactions flagged with terms like “TRUMP” or “MAGA.”
Scott’s letter came after documents obtained by the Select Subcommittee on the Weaponization of the Federal Government showed that the Financial Crimes Enforcement Network (FinCEN) had flagged the terms as part of its investigation related to the January 6 riot. Banks were also told to look at transactions involving the purchase of religious texts and outdoor sporting goods stores like Cabela’s. 
“These allegations, if true, represent a flagrant violation of Americans’ privacy and the improper targeting of U.S. citizens for exercising their constitutional rights without due process,” Scott, the ranking member of the Senate Banking Committee, <a href="https://www.banking.senate.gov/imo/media/doc/rmscottlettertofincen11924.pdf" target="_blank" rel="noopener">wrote</a>. 
FinCEN reportedly asked banks to help federal law enforcement identify transactions of persons of interest using specific typologies and Merchant Category Codes after January 6, 2021. The letter was also sent to FinCEN Director Andrea Gacki.
In the letter, Scott asked Yellen if the Treasury Department had any role in soliciting private financial data from the banks and whether it was directed to do so by the FBI or the Justice Department. Scott also asked Yellen about what religious texts were seen as indicative of extremism and why sporting goods store shoppers were targeted in the federal investigation. 
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“These allegations are particularly concerning given past efforts to weaponize the financial system and payment activity against politically disfavored, lawful activity. Under the Obama- administration’s ‘Operation Choke Point’ initiative, the Department of Justice (DOJ) coordinated with federal financial regulators to intimidate financial institutions into denying services to legitimate businesses that the administration was ideologically opposed to, including gun retailers,” Scott said. 
On Thursday, House Judiciary Chair Jim Jordan <a href="https://www.dailywire.com/news/feds-flagged-terms-like-trump-maga-for-banks-to-comb-through-customer-data-jordan-says" target="_blank" rel="noopener">requested an interview</a> with Noah Bishoff, the former director of the Office of Stakeholder Integration and Engagement in the Strategic Operations Division of FinCEN, to discuss the report. 
The letter asks Bishoff to be prepared to speak to lawmakers about what safeguards FinCEN has in place to safeguard constitutional liberties, the government’s use of private financial information, and coordination between FinCEN and the private sector.

Treasury Secretary Janet Yellen Holds Meeting Of The Financial Stability Oversight Council

Tim Scott Presses Treasury Secretary Over Flagging Of ‘Trump,’ ‘MAGA’ Transactions

Department of Justice

January 6

MAGA

Treasury Secretary Janet Yellen signaled on Monday that she has no doubt the U.S. could fund Israel and Ukraine in their ongoing military conflicts despite America&#8217;s rising gross national debt.
In an <a href="https://news.sky.com/story/we-can-certainly-afford-two-wars-us-treasury-secretary-says-12985335" target="_blank" rel="noopener">interview</a> with Britain&#8217;s Sky News, Yellen told the outlet that the U.S. could &#8220;absolutely&#8221; afford to provide military aid to Israel in its war against the militant terrorist organization Hamas while funding more support to Ukraine in its ongoing struggle with Russia.
&#8220;America can certainly afford to stand with Israel and to support Israel&#8217;s military needs, and we also can and must support Ukraine in its struggle against Russia,&#8221; Yellen said in an interview with Sky News.
Last month, America&#8217;s gross national debt <a href="https://www.dailywire.com/news/us-national-debt-surpasses-33t-for-first-time-in-history" target="_blank" rel="noopener">surpassed</a> $33 trillion, which didn&#8217;t draw heavy concern for Yellen, who said at the time that the net interest as a share of gross domestic product (GDP) remains under control by the federal government.
In her interview with Sky News, she emphasized the U.S. economy is doing &#8220;extremely well.&#8221;
&#8220;Inflation has been high, and it&#8217;s been a concern to households, it&#8217;s come down considerably,&#8221; she said. &#8220;At the same time, we have about the strongest labor market we&#8217;ve seen in 50 years with 3.8% unemployment. And at the same time, America — the Biden administration — has passed legislation that is strengthening our economy in years to come for the medium term,&#8221; referring to the Fiscal Responsibility Act that claims to reduce budget deficits by $1.5 million over the next decade.
Yellen said the economic impacts of the Israel-Hamas war were too early to gauge, as volatile oil prices remain a concern while other Middle Eastern countries, including Iran, could get involved in the conflict.
Still, the nation&#8217;s top treasury official said Israel and Ukraine remain a &#8220;priority&#8221; for the U.S. and called on GOP House lawmakers to fill the vacant speaker position after the lower chamber of Congress removed former House Speaker Kevin McCarthy (R-CA) nearly two weeks ago.
&#8220;It&#8217;s really up to the House to find, seat a speaker and to put us in a position where legislation can be passed,&#8221; Yellen said, adding that &#8220;it shows that there&#8217;s a problem in the Republican party in terms of being able to effectively govern the country.&#8221;
Senate Majority Leader Chuck Schumer (D-NY) <a href="https://www.nytimes.com/2023/10/15/world/middleeast/israel-ukraine-aid-biden-congress.html" target="_blank" rel="noopener nofollow" data-analytics-product-module="body_link" data-analytics-post-depth="100" data-mrf-link="https://www.nytimes.com/2023/10/15/world/middleeast/israel-ukraine-aid-biden-congress.html" data-uri="fd1de9296c2b0e847f627d67f44e2411">told</a> reporters during his visit to Israel that he would not wait for the House to get in order before drafting legislation with the “most generous package” for Israel.
&#8220;We believe if we put together a strong package and pass it with an overwhelming, strong bipartisan majority, it will put pressure on the House, one way or another, to act,&#8221; Schumer said.
An <a href="https://www.dailywire.com/news/u-s-selects-2000-troops-for-potential-deployment-to-support-israel-report" target="_blank" rel="noopener">estimated</a> 1,400 Israelis have been killed since Hamas launched a brutal terrorist attack on Israel on October 7, including more than 280 soldiers, while roughly 3,200 more Israelis have been injured. In addition, Hamas is believed to have taken nearly 200 hostages. Iranian officials reportedly said Hamas would release hostages held captive in Gaza but said that making preparations to free civilians is &#8220;impossible&#8221; under Israeli bombing.
U.S. officials said on Sunday the American death toll in Israel reached 30, and more than a dozen remain missing. It is unclear how many are being held hostage in Gaza after Biden said last week that some U.S. citizens were among those taken.
During the Sky News interview, Yellen stressed the importance of sparing civilian lives &#8220;to the maximum extent possible.&#8221;
U.S. officials, including President Joe Biden, have reiterated their &#8220;unwavering support&#8221; for Israel&#8217;s right to defend itself in its war against Hamas.
Biden rejected the claim that the U.S. could not financially support Israel and Ukraine in their ongoing conflicts during an <a href="https://www.cbsnews.com/news/president-joe-biden-2023-60-minutes-transcript/" target="_blank" rel="noopener">interview</a> with &#8220;60 Minutes,&#8221; adding that both could impact the safety of America.
&#8220;We&#8217;re the United States of America for God&#8217;s sake, the most powerful nation in the history — not in the world, in the history of the world,&#8221; he said. &#8220;We can take care of both of these and still maintain our overall international defense,&#8221; he said.

The International Monetary Fund and World Bank Annual Meetings

Yellen Says U.S. Can ‘Certainly’ Afford To Provide Military Support For Israel And Ukraine

Yellen Says US Can 'Certainly' Afford To Provide Military Support For Israel And Ukraine

Chuck Schumer

Department of the Treasury

Hamas

House Republicans

Israel

Ukraine-Russia War

America&#8217;s gross national debt surpassed $33 trillion for the first time in U.S. history on Monday as Washington, D.C., faces a potential government shutdown over federal spending.
Data reportedly published by the Treasury Department showed the national debt — which measures how much the federal government owes security holders — hit $33.04 trillion, just months after it eclipsed $32 trillion in mid-June.
Maya MacGuineas, president of the Committee for a Responsible Federal Budget, said in a <a href="https://www.crfb.org/press-releases/national-debt-reaches-33-trillion-adds-1-trillion-debt-3-months" target="_blank" rel="noopener">news release</a> that the latest numbers reached &#8220;a new milestone that no one will be proud of.&#8221;
&#8220;Debt held by the public, meanwhile, recently surpassed $26 trillion,&#8221; MacGuineas said. &#8220;We are becoming numb to these huge numbers, but it doesn&#8217;t make them any less dangerous.&#8221;
The Congressional Budget Office confirmed last week that the underlying deficit would likely double from last fiscal year to this one, according to MacGuineas. The office reportedly <a href="https://fortune.com/2023/09/18/janet-yellen-national-debt/" target="_blank" rel="noopener">warned</a> in June that high interest rates and rising national debt could make net interest payments spike to 6.7% of GDP by 2053, according to Fortune.
&#8220;Instead of hearing about solutions, we hear promises of which programs our leaders are unwilling to touch and which taxes they are unwilling to raise,&#8221; she said. &#8220;That kind of talk is not only pandering, but it&#8217;s also downright irresponsible when we have a mess like this on our hands.&#8221;
The announcement comes as House Republicans proposed a short-term plan on Sunday that would temporarily fund the government through October 31 to avoid a shutdown and impose an 8% spending cut on federal agencies, excluding defense funding, veterans affairs, and disaster relief, <a href="https://www.foxbusiness.com/economy/us-national-debt-hits-33t-first-time-history" target="_blank" rel="noopener">according</a> to Fox Business.
But the measure received opposition from fellow GOP lawmakers while Democrats are unlikely to support it.
Michael A. Peterson, the chief executive of the budget watchdog group Peter G. Peterson Foundation, raised the alarm of a looming federal crisis.
&#8220;As we have seen with recent growth in inflation and interest rates, the cost of debt can mount suddenly and rapidly,&#8221; Peterson said, <a href="https://www.nytimes.com/2023/09/18/us/politics/us-national-debt.html" target="_blank" rel="noopener">according</a> to The New York Times. &#8220;With more than $10 trillion of interest costs over the next decade, this compounding fiscal cycle will only continue to do damage to our kids and grandkids.&#8221;
Mark Spitznagel, founder of the hedge fund Universa Investments, told Fortune in August that we&#8217;re living through the &#8220;greatest credit bubble in human history&#8221; after warning of a potential impact from the debt increase.
&#8220;We&#8217;ve never seen anything like this level of total debt and leverage in the system,&#8221; Spitznagel said. &#8220;It&#8217;s an experiment. But we know that credit bubbles have to pop. We don&#8217;t know when, but we know they have to.&#8221;
U.S. Treasury Secretary Janet Yellen <a href="https://www.cnbc.com/2023/09/18/first-on-cnbc-cnbc-transcript-united-states-treasury-secretary-janet-yellen-speaks-with-cnbcs-sara-eisen-on-squawk-on-the-street-today.html" target="_blank" rel="noopener">told</a> CNBC on Monday that she isn&#8217;t worried about the staggering debt, claiming that the net interest as a share of GDP remains under control by the federal government.
&#8220;And even with the rise we have seen in interest rates, that remains at a very reasonable level,&#8221; Yellen said, admitting that U.S. officials need to be careful about spending going forward in order to stay on this &#8220;sustainable course.&#8221;
&#8220;Certainly, greater deficit reduction is possible,&#8221; she added. &#8220;The President has proposed a series of measures that would reduce our deficits over time while investing in the economy, and this is something we need to do going forward.&#8221;
President Joe Biden <a href="https://www.dailywire.com/news/biden-signs-bill-to-increase-debt-ceiling-avoid-federal-default" target="_blank" rel="noopener">signed</a> the Fiscal Responsibility Act in June that will suspend the debt limit until January 2025 and implement restraints on spending that the Congressional Budget Office estimated would reduce budget deficits by $1.5 trillion over the next decade.

US-POLITICS-ECONOMY-DEBT

US National Debt Surpasses $33T For First Time In History

National Debt

Washington D.C.

Treasury Secretary <a href="https://www.dailywire.com/topic/janet-yellen">Janet Yellen</a> served up some laughs — as well some concerns — in talking about her experience dining on a dish with hallucinogenic mushrooms in <a href="https://www.dailywire.com/topic/china">China</a>.
In an <a href="https://www.cnn.com/2023/08/15/business/janet-yellen-magic-mushrooms-china/index.html">interview on Monday</a>, CNN&#8217;s Erin Burnett pressed Yellen to talk about her experience eating &#8220;magic mushrooms&#8221; with a group of people at a Beijing restaurant earlier this summer.
&#8220;The person who had arranged our dinner did the order and there was a delicious mushroom dish. I was not aware that these mushrooms had hallucinogenic properties. I learned that later,&#8221; Yellen said.
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
Treasury Secretary Janet Yellen explains eating a dish that contained “magic mushrooms” on her recent trip to China:
“There was a delicious mushroom dish. I was not aware that these mushrooms had hallucinogenic properties. I learned that later.” <a href="https://t.co/WFRe92hHT8">pic.twitter.com/WFRe92hHT8</a>
&mdash; The Recount (@therecount) <a href="https://twitter.com/therecount/status/1691528097047232512?ref_src=twsrc%5Etfw">August 15, 2023</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
An amused Burnett asked Yellen if she had any visions, perhaps when she was sleeping. Through a fit of giggles, Yellen insisted that she did not start tripping.
&#8220;I read that if the mushrooms are cooked properly, which I&#8217;m sure they were at this very good restaurant, that they have no impact,&#8221; the secretary said. &#8220;But all of us enjoyed the mushrooms — the restaurant and none of us felt any ill effects from having eaten them.&#8221;
Some people reacted to the exchange on social media with glee and humor — including NPR correspondent David Gura making a <a href="https://twitter.com/davidgura/status/1691509934683312129">economics joke</a> about how the &#8220;effects were transitory&#8221; — while others expressed uneasiness or ridiculed the Biden administration official.
&#8220;A Biden cabinet member was served hallucinogenic mushrooms in China? Can’t make this stuff up,&#8221; Sen. John Cornyn (R-TX) said in <a href="https://twitter.com/JohnCornyn/status/1691506370564988931">a post to X</a>.
&#8220;Intelligence officers use psychedelics to compromise their targets,&#8221; Eric Garland, a self-described geopolitical analyst with nearly 300,000 followers on X, <a href="https://twitter.com/ericgarland/status/1691517767474634753">said</a> in a post. &#8220;If they targeted Janet Yellen as part of an operation, diplomatic punishments should be swift and harsh.&#8221;
Steve Guest, a conservative commentator, <a href="https://twitter.com/SteveGuest/status/1691441249671118848">observed</a>, &#8220;Joe Biden&#8217;s America: The Treasury Secretary gets booked on CNN to talk about shrooming while in China,&#8221; while the Republican National Committee&#8217;s Jake Schneider <a href="https://twitter.com/jacobkschneider/status/1691446055169064960">quipped</a>, &#8220;This is a very serious administration.&#8221;
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Yellen made the trip to China in early July. She ate at the restaurant — part of a Yunnan food chain called Yi Zuo Yi Wang — shortly after landing in Beijing, according to CNN, which also <a href="https://edition.cnn.com/travel/yunnan-cuisine-beijing-restaurant-mushrooms-yellen-intl-hnk/index.html">reported</a> the restaurant later posted to the Chinese social media platform Weibo to share that staff said Yellen &#8220;loved&#8221; the mushrooms &#8220;very much. She ordered four portions of jian shou qing (a Yunnan wild mushroom species). It was an extremely magical day.&#8221;
During her interview with the secretary, Burnett noted the chain&#8217;s wild mushroom dish has been selling out in locations around China ever since Yellen&#8217;s meal at the restaurant &#8220;set off a frenzy.&#8221;
While in China, Yellen set her focus on discussing issues such as economic competition, national security, and &#8220;climate finance.&#8221; By the end, she insisted the talks <a href="https://www.politico.com/news/2023/07/08/janet-yellen-china-talks-00105311">were &#8220;productive.&#8221;</a>
But Yellen <a href="https://www.dailywire.com/news/treasury-secretary-ripped-for-bowing-to-chinese-official">garnered some criticism</a> with the emergence of video footage showing her bowing repeatedly to a Chinese official during the visit to Beijing.

Yellen Admits To Eating ‘Magic Mushrooms’ In China

Yellen Dishes On Eating 'Magic Mushrooms' In China

General

World

One of the &#8220;Big Three&#8221; credit agencies lowered the United States&#8217;s rating by a tick on Tuesday, eliciting swift condemnation from Biden administration officials who said they &#8220;strongly disagree&#8221; with the change.
Fitch Ratings <a href="https://www.fitchratings.com/research/sovereigns/fitch-downgrades-united-states-long-term-ratings-to-aa-from-aaa-outlook-stable-01-08-2023">downgraded</a> the country&#8217;s Long-Term Foreign-Currency Issuer Default Rating from top-rated &#8220;AAA&#8221; to &#8220;AA+&#8221; in a move that could lead to higher interest rates and borrowing costs. It follows the federal government <a href="https://www.dailywire.com/news/biden-signs-bill-to-increase-debt-ceiling-avoid-federal-default">narrowly avoiding</a> a default on its debt earlier this summer and several weeks ahead of <a href="https://www.dailywire.com/news/gop-congressman-makes-case-for-why-we-should-not-fear-a-government-shutdown">a possible shutdown</a> if a politically-divided Congress fails to come to an agreement on spending for the next fiscal year.
&#8220;The rating downgrade of the United States reflects the expected fiscal deterioration over the next three years, a high and growing general government debt burden, and the erosion of governance relative to &#8216;AA&#8217; and &#8216;AAA&#8217; rated peers over the last two decades that has manifested in repeated debt limit standoffs and last-minute resolutions,&#8221; Fitch said in a <a href="https://www.fitchratings.com/research/sovereigns/fitch-downgrades-united-states-long-term-ratings-to-aa-from-aaa-outlook-stable-01-08-2023">release</a>.
Fitch indicated the change was a long time coming, noting &#8220;there has been a steady deterioration in standards of governance over the last 20 years, including on fiscal and debt matters, notwithstanding the June bipartisan agreement to suspend the debt limit until January 2025.&#8221;
The credit agency, which had placed the U.S. government&#8217;s &#8220;AAA&#8221; rating on a <a href="https://www.fitchratings.com/research/sovereigns/fitch-places-united-states-aaa-on-rating-watch-negative-24-05-2023">&#8220;negative&#8221; watch this past May</a>, also cited other factors in announcing the change on Tuesday, including projections that show &#8220;tighter credit conditions, weakening business investment, and a slowdown in consumption will push the U.S. economy into a mild recession.&#8221;
Treasury Secretary Janet Yellen and the White House issued separate statements that each said they &#8220;strongly disagree&#8221; with the change. While Yellen <a href="https://home.treasury.gov/news/press-releases/jy1665">called the decision</a> &#8220;arbitrary and based on outdated data,&#8221; White House Press Secretary Karine Jean-Pierre waded into politics.
&#8220;The ratings model used by Fitch declined under President Trump and then improved under President Biden, and it defies reality to downgrade the United States at a moment when President Biden has delivered the strongest recovery of any major economy in the world,&#8221; Jean-Pierre said. &#8220;And it’s clear that extremism by Republican officials — from cheerleading default, to undermining governance and democracy, to seeking to extend deficit-busting tax giveaways for the wealthy and corporations — is a continued threat to our economy.&#8221;
It&#8217;s been more than a decade since the first and last time the U.S. faced such a downgrade. In 2011, S&amp;P bumped the U.S. long-term rating from its &#8220;AAA&#8221; perch to &#8220;AA+&#8221; — where it stands today — citing &#8220;<a href="https://www.washingtonpost.com/wp-srv/politics/documents/spratingreport_080611.pdf?itid=lk_inline_manual_3">political brinkmanship</a>&#8221; and the debt burden just days after then-President Barack Obama <a href="http://www.cnn.com/2011/POLITICS/08/02/debt.talks/index.html">signed legislation</a> to lift the debt ceiling just days before it was estimated the U.S. could have defaulted on its financial obligations.
After Fitch announced its downgrade on Tuesday, following years of rising U.S. government budget numbers and the debt doubling since 2011 <a href="https://www.usdebtclock.org/">to more than $32 trillion</a>, Republicans argued the change was an indicator of too much spending and borrowing.
&#8220;Today’s decision by Fitch Ratings to downgrade U.S. sovereign debt to ‘AA+’ is yet another sign that incessant and irresponsible borrowing to fund bigger government is not without real repercussions,&#8221; Rep. David Schweikert (R-AZ) <a href="https://twitter.com/RepDavid/status/1686519353997467648">said</a> in a post to X. &#8220;I’ve been outspoken in my belief that we need to get America’s fiscal house in order before it’s too late. Fitch’s downgrade should be seen as exactly what it is — a warning that continuing down the path of out-of-control borrowing will and does have serious consequences.&#8221;

Visitors tour the US Capitol in Washington, DC

Fitch Downgrades US Credit Rating; Biden Officials ‘Strongly Disagree’

Fitch Downgrades US Credit Rating; Biden Officials 'Strongly Disagree'

Biden Treasury Secretary Janet Yellen said during an interview over the weekend that the administration will take action to protect national security, even if it &#8220;harms our own narrow economic interests.&#8221;
Yellen made the remarks while in Beijing during an interview with CBS News&#8217;s &#8220;Face The Nation&#8221; with host Margaret Brennan.
Brennan asked Yellen if she had &#8220;a sense of what the retaliation will be from China&#8221; if the administration imposes further &#8220;restrictions on high-end technology sales&#8221; to the nation.
&#8220;Well, an objective of my trip was to explain that national security is something that we can&#8217;t compromise about and we will protect, and we will do so even if it harms our own narrow economic interests,&#8221; she said. &#8220;But that when we take such actions, which do have an effect on the Chinese economy, that we will make sure that they are transparent, narrowly targeted, and well explained.&#8221;
Yellen said she &#8220;certainly expressed concern&#8221; about China&#8217;s <a href="https://www.dailywire.com/news/china-restricts-export-on-2-minerals-that-could-damage-economy">decision</a> to restrict exports of two minerals critical to the U.S. economy and military.
&#8220;Our own actions are narrowly targeted to address national security concerns, and I- it&#8217;s not clear that the actions that the Chinese took are similarly narrowly targeted at their national security concerns,&#8221; she said. &#8220;So this is an area that I expressed concern about.&#8221;
She said she went to China to &#8220;make sure that we don&#8217;t engage in a series of unintended escalatory actions that will be harmful to our overall economic relationship with one another.&#8221;
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&#8220;And we have had very little contact, both senior officials, and also just the American people and the Chinese people who&#8217;ve had very little contact with one another over the last several years, in part because of COVID,&#8221; she said. &#8220;And that&#8217;s a situation where misunderstandings can develop. We have a new team on the economic side in Beijing, that it&#8217;s important to establish person-to-person relationships, and to open ongoing channels of communication, where concerns can be aired and discussed. And I do think my trip has been successful in forging those relationships and creating the opportunity for a deeper set of more frequent contacts at our staff levels.&#8221;
WATCH:
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CHINA-US-DIPLOMACY

Biden Treasury Secretary: We’ll Take Action On China Even If It ‘Harms’ Our Economy

Biden Treasury Secretary: We'll Take Action On China Even If It 'Harms' Our Economy

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