secretary yellen: yes. it would certainly cut the cost of living, especially for retirees who have been struggling with the cost of prescription drugs. but many others as well. ms. pressley: and when investing in more -- and would investing in more affordable housing have an impact on the economy, yes or no? secretary yellen: yes. i think that's been a very significant problem for decades and has made it exceptionally difficult, especially for lower-income families to manage in expensive parts of the country. ms. pressley: and would the expansion of the child tax credit, a tax cut for the lowest income have an impact? secretary yellen:. it's already done so in the months after the payout. we've seen a decrease in the number of families reporting food insecurity. ms. pressley: so zero republicans, zero voted for the build back better act despite it containing substantial serious and popular solutions to combat inflation. supply chain issues and financial hardship, solutions that are fully paid for. to try to

yellen: yes. sen. tillis: chair powell, i want to make sure i understand your perspective on inflation and how it is calculated by the fed. the federal government provide subsidies to every american renter so their out-of-pocket rent was the same as it was 12 months ago even though the sticker price on the rental unit has gone up. would that mean the fed would say no to inflation of rents? chrm. powell: i'm not sure exactly how to collect the data but the question would be what is the landlord receiving would be my guess. sen. tillis: the landlord is receiving more in spite of the fact the rent payment would've been subsidized. chrm. powell: i will come back to you, i don't know the answer on that. sen. tillis: secretary yellen, what would be your position? sec. yellen: i would agree with chair powell's comments. sen. tillis: it would be interesting to get that. we were going to use another example. if we subsidize the cost of the turkey, is the turkey cheaper or is it 14% more expensive. i have anothe

yellen: yes, i absolutely do.i mentioned previously, one of the reasons even before the pandemic that women's labor force per dissipation in the united states fell short of that in many developed countries is the lack of public support for child care and paid family leave , and during the pandemic, this became so much worse because of the issues in childcare and schools not being open, but many childcare facilities closed, and people who work in childcare that involves face-to-face contact, health concerns have held people back from going to work there, so build back better will subsidize childcare so that it is affordable for almost all american

yellen: let me clarify what i said. what i indicated in my most recent letter to congress is that i have a high degree of confidence the treasury will be able to finance the u.s. government through december 15, but there would be scenarios in which treasury would not have sufficient funds to continue to finance the operations of the u.s. government beyond that date. i would note that on december 15, treasury will invest funds from the infrastructure bill and that will use up $118 million worth of capacity when those funds from the highway trust fund are ingested in government securities. i didn't say there is no way that we can make it past december 15. there is a range, there is uncertainty about whether cash balance will be -- and our resources right now, there is uncertainty about where we will be on december 15, and there are scenarios in which we can see it would not be possible to finance the government. that doesn't mean that they are not also scenarios in which we can, but we think it is important for congress t

the powell/yellen combo has proven reasonably popular.be honest, there has been so much on lawmakers' plates, figuring out exact what their stance is with powell on the monetary side and the debate over this legislation, that yellen, who was respected coming in, maybe has almost flown under the radar, at least to the extent that she hasn't been the main point of criticism, at least. jonathan: good to catch up. jack fitzpatrick, thank you, sir. of course, that question is being asked, and it is a port to address it. lisa: and frankly, she came under a lot of heat from congress members yesterday, senators basically saying come are you telling us the truth? there was a lot of disagreement but what the truth was, as you see the dueling messaging and play. jonathan: a search for the truth . how philosophical. let's talk about the search for opinion right now. that is easy to find on the push back the transitory debate in the capitulation. can we call it that yet? tom: no, we cannot call it that yet. david rosenberg was on fire on "bloomberg su

for everything and new play and attack the gop for democrat spending but treasury secretary janet yellen not playing along. yellen warns inflation not transitory after all when the white house claimed it was as democrat senators in open revolt against biden vaccine mandate and his agenda and house democrats open revolt against house speaker nancy pelosi. we break it all down, joining us tonight congressman jay, rick crawford, scott, plus economic expert mitch roschelle. former nypd detective oscar ottom and ice official ron botello, ridiculed for gaslighting gas prices, celebrating president biden's for just a trivial two cent drop in gas prices over just two weeks when gas is up more than 60% on biden's watch. as for the president said, i can't control gas prices. now it's props up for biden for just 2 cents. they made a graph for that and the white house swings and misses in trying to blame,/looting in the pandemic when the root cause of california's weak and irresponsible zero bail policy that set free 14 looters wanted for nearly a dozen robberies, we've got it and the white house ca

secretary yellen called on congress to act on the debt ceiling, warning that failure to raise it will eviscerate the economic recovery. the treasury apartment estimates the u.s. will reach its borrowing limit on december 15.

welcome back, secretary yellen and chair powell. as this pandemic continues, the biden administration and congressional democrats remain hard at work to provide protections and essential relief to individuals, families, and small businesses across the country. the emergence of the new omicron variant shows us that this crisis is not over, and we must remain vigilant to protect our country and our families from the devastation of covid-19. since democrats have been in power, we have delivered for the american public. democrats provided rental relief for struggling renters, provided 70,000 vouchers to address homelessness, provided support to state and local governments, and helped our nation'sle restaurants. a democrats helped businesses reopen, prioritized vaccine distribution, and because of this work, 74.5% of individuals five years and older have received at least one shot. in fact, this thanksgiving was the first time since the pandemic began that many of us spent time in person with our friends and families. under president bid

my next guest grilled janet yellen and jay powell today.sman lance gooden is up right after the break. ♪ new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. visit indeed.com/hire and get started today. living with metastatic breast cancer means being relentless. whose resumes on indeed match your job criteria. because every day matters. and having more of them is possible with verzenio. the only one of its kind proven to help you live significantly longer when taken with fulvestrant, regardless of menopause. verzenio + fulvestrant is for hr+, her2-metastatic breast cancer that has progressed after hormone therapy. diarrhea is common, may be severe, or cause dehydration or infection. at the first sign, call your doctor start an anti-diarrheal and drink fluids. before taking verzenio, tell your doctor about any fever, chills, or other signs of infection. verzenio may cause low

schumer, pelosi, secretary of treasury yellen. the cbo says it's not paid for. it's $3 trillion of deficit

members who were unable to ask questions in the september 30th hearing with secretary yellen and chair powell will be given priority to ask their questions today and we will return to our normal order of recognition once these members have asked the questions. this hearing is entitled oversight of the treasury department and federal reserve's pandemic response. i now recognize myself for four minutes to give an opening statement. welcome back, secretary and chair powell as this pandemic continues, the biden administration and congressional democrats remain hard at work to provide protections and essential relief to individuals, families and small businesses across the country. the emergence of the new variant shows us that this crisis is not over and we must remain vigilant to protect our country and our families from the devastation of covid-19. since democrats have been in power we have delivered for the american public democrats provided mental relief for struggling renters, provided 70,000 vouchers to address homelessness, provided support to state and local governments and help to

when we return, powell and yellen back on the house side. that's me. i barely know where to start. here with me, karen. i'm a licensed humana sales agent. well, it's nice to meet you karen. i'm john smith. hi john. at humana we know you're unique so you have different needs from other john smiths. yeah, i've always thought so. and together we can find a plan that's right for you. great! i go to the doctor a couple of times a year and i have some prescriptions. but i'm never fully sure what's covered and what's not. with humana's all-in-one medicare advantage plans you get coverage for hospital stays, doctor visits and part d prescription drug benefits. all for an affordable and sometimes no monthly plan premium. do you have any more information? sure, i'll get a decision guide in the mail to you today. they're free. finally, someone who understands the real me. call or go online now to get your free decision guide. call a licensed humana sales agent today. humana, a more human way to healthcare. as an independent financial advisor, i stand by these promises: i promise to be a caref

treasury secretary janet yellen calls the country's economic recovery remarkable. >> we're averaging half a million new jobs per month since january gdp now. exceeds its pre pandemic levels. but fed chair jerome powell says the pandemic could still reverse that progress after the detection of a new covid-19 variant greater concerns about the virus could reduce people's willingness to work in person. >> which would slow progress in the labor market and intensify supply-chain disruptions. powell says that could fuel more price increases supply chain problems have made it difficult for producers to meet strong demand, particularly for goods. increases in energy prices and rents are also pushing inflation upward, but powell says most experts still believe inflation will decrease significantly over the next year. >> and in an effort to help the fed may stop its aid to the bond market sooner than expected. officials are also concerned about the harm that will come if congress fails to increase the nation's debt limit in the next 2 weeks. we will eviscerate our current recovery. >> in a mat

secretary yellen what happened specifically with mr. foster's bill that you support simply eliminating the debt ceiling so that we do not have to deal this in the future and focus on real crisis. >> yes i would because i believe when congress legislates expenditures and put simply tax policy and determines taxes and the crucial decisions that congress is making. finance the spending and tax decisions it is necessary to issue additional debt. i believe it is very destructive to put the president and myself and the treasury secretary in the situation wherere we might be unable to pay the bills that result from those past decisions. >> every day your response to the secretary's reasoning for supporting and ending that legislation and ending the debt limit. >> far be it for me too contradict and she is right. that you would get rid of it in congress would do its job of deciding. and they do decide congress does decide the budget process how big the budget will be and how it will be sliced up for those activities. so she is right about that.

janet yellen and your commentator there. but thanks for taking my call but alabama is the poorest state in the union and i'm they don't want to do anything for black people in alabama. >> host: any thoughts? >> again you're bringing up a specific issue that is aside from the question of the debt ceiling . and the debt ceiling, all of these are that's another issue. reparation, what should we have and should we not. all of these are issues that need to be dealt with and get subsumed under this craziness of throwing the ball back and forth. it's really even like a hot potato, i'm going to make it look like you're raising the debt. let's remember the way in which the debt was most raised recently before it was the tax cuts. and in the last white house. we were supposed to pay for themselves and they didn't significantly raise debt and the deficit and the debt and the idea was we will do it so much he would have to start talking about cutting social security and medicare but then covid-19 happened, we should have expected that s

>> there is a great deal of trust in janet yellen.k at the way that they followed the debt limit. i would ask you all to embrace the irony and how this all worked out. what just happened is mitch mcconnell says -- he has 10 votes to clear this threshold that will allow democrats to pass the debt ceiling with a simple majority. only in washington. jonathan: the redline. they never crossed it by doing this. looking forward to that and looking to the airlines, up in the market by 1.77%. the likes of american airlines rallying as well. a three dose rating can neutralize the omicron variant. tom: not back to pre-omicron 2020. jonathan: lisa, rallied off this news and rolled over, all over again. lisa: it comes down to the threshold. the u.k. put restrictions in place, even if there is some sort of positive news on the booster shot. there is a different threshold. i think you are seeing that play out in the markets. tom: is that the plane where you fly standing up? jonathan: i think you are thinking about what people thought about ryanair.

well, us treasury secretary, yellen, consumer spending in the united states has been concentrated on goods, which has exacerbated supply chain issues significantly. so it's the consumers, the citizens, a residence hall, this country who are to blame for the inflation because they keep on buying things with all of their biden bucks and all of their asset price gains. because remember, house prices are up 20 percent year on year 2 years in a row. everybody's failing rich, and they're spending. right, well, we've been talking about this inflation story now for several years. because the disaster waiting to happen as, as early as, as recently, 67 months ago, the official policy from john at gallon and others was that the economy was suffering from deflation. and we said that was actually a very so fast way to look at it. that was a manipulation of words. the problem was insidious and incipient and growing inflationary pressures, as evidenced by the explosion and asset prices. the way said this was all basically lying on behalf of the federal government. then we entered into the transitor

well, us treasury secretary, yellen, consumer spending in the united states has been concentrated on goods, which has exacerbated supply chain issues significantly. so it's the consumers, the citizens, the residents of this country who are to blame for the inflation because they keep on buying things with all of their biden bucks and all of their asset price gains. because remember, house prices are up 20 percent year on year 2 years in a row. everybody's failing rich, and they're spending. right, well we've been talking about this inflation story now for several years because it's a disaster waiting to happen. as, as early as, as recently, 67 months ago, the official policy from janet yellen and others was that the economy was suffering from deflation. and we said that was actually a very so fast way to look at it. that was a manipulation of words. the problem was insidious and incipient and growing inflationary pressures, as evidenced by the explosion and asset prices. and we said this wasn't basically lying on behalf of the federal government. then we entered into the transitory i

this triggered quite a few economists, a triggered the treasury secretary, herself janet yellen, who said inflation was under control. so what do you feel about this word? hyperinflation now becoming mainstream? do you think hyperinflation is going to happen soon? it usually happens suddenly, right? so is 2022, possibly a year that that could happen. it's like you're walking up a staircase slowly, slowly, slowly, and then you get pushed down the elevator shaft. the result is catastrophic and it happens within minutes. so it's a similar type of situation. and as far as jack dorsey, i've, i've been suspended from twitter, but it's probably the only thing that i would ever agree with jack dorothy on, is that we have hyper and inflation. and you know, if we have a chart of the nasdaq, if you pull it up, you can see the hyper and plate inflation in the way that assets selected. asset prices have absolutely exploded, which is made the currencies worth last year buying less than the currencies and everybody out there knows that there's hyper inflation across from spectrum. i mean, you know,

administration, coauthored an op-ed piece in "the washington post" with treasury secretary janet yellenthis week, representatives of more than 100 nations will gather virtually for president biden's summit for democracy. the gathering is a recognition that the world's democracies need a new strategy. for the past 15 years, the number of people living under authoritarian regimes has been rising, while leaders of many democratic countries have been chipping away at fundamental rights and checks and balances. in addition to the worldwide battle between democracy and autocracy now under way, the summit will consider the necessity of worldwide distribution of covid-19 vaccines. 57% of the world's population has received at least one dose of coronavirus vaccine. only 11% of the people in africa have received at least one dose of vaccine. as of today, the united states has donated more than 300 million vaccine doses to over 110 countries. the united states leads the world in vaccine donations, to the point that the united states has donated more vaccine than all the other donor countries of th

i want you to listen to what treasury secretary janet yellen said this week after senator john kennedy>> i disagree with your assessment of build back better. it is fully paid for or even more than fully paid for. and cbo just completed a comprehensive review of it in which they found essentially the same thing. and i believe it was important that it be fully paid for. >> tyler, given that the treasury secretary and the congressional budget office are both saying the same thing, that it is paid for, why still the pushback, specifically from manchin and sinema? >> yeah, i think we have seen from the start of these negotiations that senators manchin and sinema have had concerns about just overall spending from the government this year. remember, it's not just the build back better bill that they're trying to push forward but they've already passed the 1.9 trillion dollar stimulus bill in march. so the next tranche of spending is something manchin and sinema have been concerned about. as we've seen inflation rising, as we heard in that interview that sinema did with cnn, she outlined that

laura: one of the more bizarre but predictable, shouldn't call it bizarre, they trotted out janet yellenhe democracy summit to trash our tax laws as somehow anti-democratic. watch. >> especially when it comes to help people. taxes or how they don't. last year more than $600 billion was withheld from public coffers because of our broken tax system. the country is deprived of funding for things that benefit everyone. laura: they get to decide what benefits other people, by taking other people's money but the money always stays in washington to grow, does it not? >> exactly right and here's the message, you just heard it out of the mouth janet yellen that the american tax system is fundamentally evil and fundamentally backwards and needs to be fundamentally changed, the same message of were you look from this administration, america is fundamentally flawed. they are totally wrong about that and as it turns out the american people don't like being told they are a bunch of backwards idiots, parents don't like being told they are domestic terrorists and the american people aren't going to have

>> that is exactly right, you just heard the message out of the mouth of janet yellen that the american system now is fundamentally evil and fundamentally backwards needs to be fundamentally changed. it's the same message everywhere you look, america is fundamentally flawed. you know what, they are totally wrong about that and as it turns out the american people don't like being told they are a bunch of backwards idiots. parents don't like being told they are domestic terrorists in the american people just aren't going to have it. they know who the real idiots are here. it's the people in charge of this administration. it's time to stop apologizing for america and start standing up for america and making it strong again and that should be the test in front of us. >> laura: totally jealous of the e.u. because it is really hard to make political change in the e.u., the weight is organized with all the multiparty systems. you can tell the democrats here are like, we are glad we are getting the higher gas prices but we love your system, your crackdown on free speech. i need to remind everyo

janet yellen discuss what we learned with neil dutta.il is paring gains and opec kicks off the first day of two days of debate, a planned output increase. we will discuss what we learned that they are and what to expect ahead. the who's chief scientist says the vaccines will likely protect against severe cases of the new omicron variant. we will discuss the commentary that is bringing some calm back to markets. a quick check of what is going on in terms of the numbers. we are in rally mode with the s&p 500 up 1.1%. still not making back what we lost yesterday friday -- yesterday and friday. it looks like the market is better prepared for jerome powell's hawkish tidbit. market shares at 144.94. the u.s. dollar index is unchanged at a relatively high level of 1182. only $.57 to 6675 a barrel -- 66.75 a barrel. something that caught my eye is the turkish lira, the central bank intervening in foreign exchange markets. the lira initially strengthened on the news but has given back some of those gains. you can currently purchase 13.7 5 -- 13.2

and here's janet yellen extending the stimulus saying it was necessary and helped a robust economy.ten. >> inflation is a matter of demand and supply. it certainly is true that the american rescue plan put money in people's pockets and help them meet expensive that they have and contributed to strong demand in the u.s. economy. speech was the acknowledgment that the extra money that went into the american families went out the door because of inflation caused that spending? speak up she wants to take a victory lap. every time they speak, we were in an emergency situation a year ago. the government shut down the economy and it turns out it was a great move. we had the shortest recession on record and we had the v-shaped recovery. but now you go back earlier this year and we were not in that same emergency. the economy was open and people were flustered we just had another 900 bucks in december. we did not need that money. that took us over the top. you did not see the word inflation anywhere. look at the google searches. no one googled inflation until that money went out and all of a

treasury secretary yellen said this about the labor shortages. >> we have a tight labor market. upward pressure on wages which is to some extent good but can also induce further price increases and needs to be watched. >> harris: whenever i hear the administrative officials speaking they never mention human being. break that down. what exactly is she trying to say and how does it jive with what we're feeling. >> units sweet unit. the use bureaucratic jargon, wages are going up but prices are going up faster. supply chain problems. another big thing coming up. the federal reserve has been printing lots and lots of money which is going to break into this economy next year. they are already using gimmicks to hold back 1 1/2 trillion they've created. and yet they still haven't stop the so-called bond buying. slightly reduce it. no they're fanning the flames for future disaster. that's again the government is the problem. and if janet yellen and others would not try to be putting on new taxes and trying to get a global minimum tax on, first on businesses but their ultimate aim is to

so wishing on him it's yellen, gelatin? oh, it didn't take long for not braga to become involved in another issue that was causing a stir. oh, can you can i help you with sins in was once a wired fishing village in southern china. bit in just a few decades, it's become china's blooming silicon valley with 13000000 residents. most of the migrant workers leading densely packed apartment building. but now the residence of shin didn't buy shoes or district addiction. the government plans to demolish their homes to make way, believe we did new development in the areas migrant families giving not brother toys belonging to their children. when they are evicted, they sons and daughters will be forced to drop out of school. the artist wants the whole country to know what's going on with water nunez. this war, what it does is it films window into not values when you go by. and so any questions about 920 those i'm yes is allan does not look good. but did all you saw judah again telling me this young one in the west of the woods up? i

well, janet yellen is not known for being a crime expert. is a well connected, well known liberal, but the university bowed to janet yellen and put the professor under investigation. this is janet yellen who is conconfirmed to be secretary of treasury under joe biden. in october joe biden was asked for police officers should be fired if they weren't vaccinated. he didn't hesitate. he immediately said yes, fire them. these are officers who have been putting their lives on the front line every day since day one of the pandemic. joe biden's mantra for the police, vaccinate or terminate. this is happening all across america. for example, more than 150 massachusetts state police have resigned over the vaccine mandate. joe biden would rather see unvaccinated police sit at home than let them continue doing the job they've done all through the pandemic. the last thing we need to do right now is reduce the number of police officers on our streets. last week democrats in this body gave another promotion to an antipolice liberal. every democrat, every

>> well, secretary yellen's wrong and so is president biden.xes. you know, president biden, he whispers to the american people pay your fair if share. but he never bothers to answer the questions of what is your fair share or of what somebody else's worked for? we've never had that discussion. the build back better bill just takes marxist class analysis and uses it to redistribute wealth in a way that the -- that the i think is going to irreparably damage the american people. maria: well, senator, many people are upset with your senate colleagues. i mean, are we here at this place right now because of the 19 republicans who went along with democrats to vote for the infrastructure bill? is that why we're here right now talking about the all of these high taxes to come, to hit us in 2022? >> i don't generally tell my colleagues how to vote. if they ask me, i'll give my opinion, but i generally close by saying follow your heart, but just make sure you take your brain with you. i didn't vote for the infrastructure bill. i didn't vote for the infras

feels, you and i talked a lot about how this fed has become beholden not just the powell fed but the yellene greenspan fed to a degree, they have become beholden to the stock market. is there the kind of will out there to see the market getting slammed as they try to do this course correction? >> you know, that's a hard question is there the will? i think jay powell can go back to being independent. so we'll see about that. his job is to fight inflation right now. charles: right. >> inflation is the number one issue. his job is not climate change. it is not woke employment policies or diversity or equity. it is to fight inflation. the market you know, if the market comes to believe that the fed will take decisive, aggressive action right now, then you will have a correction and things will get better. markets look ahead as you well know. so i think the problem here is, drip, drip, slow death. that would be a killer. charles: there are some though who worry that once the fed starts to hike, whatever it is, no matter how aggressive it is initially, they always go too far. >> perhaps, i don't

as soon as yellen comes into office.he sba, wiped her hands of it. you can't acknowledge your job. that is what you're there for. as legislator, my job is to legislate but provide oversight. part of my job is to make sure she is accountable and does the job she is supposed to. she is not doing it. i tried to point that out. we have to change what is going on. charles: you were extraordinarily powerful. wish we could show entire clip. you i hope she got epiphany or bell went off. small businesses do most of the jobs. i'm looking data from adp, congressman, they are having a tough time because they can't compete with the walmarts off the world or amazons of the world. really appreciate what you did yesterday, sticking up for small businesses. hope to have you on real soon. >> my pleasure, charles. thanks for invitation. >> moments ago, folks, president biden joining new covid travel rules. many are wondering if they're counter productive at this point. america considers china to think of china our biggest national security

. >> and the op-ed piece cool written by janet yellen and samantha power, they wrote, the united states must be a model for the wider world. the idea of democracy is inseparable from the idea of america, and we cannot sport free government abroad if our institutions with her at home. leading off our discussion tonight is samantha power, the administrator of the u.s. agency for international development. she was president obama's ambassador to united nations. ambassador power, thank you very much for joining us. we really appreciated. >> great to be back. >> what is your ambition and the presidents ambition for this summit on democracy? >> i think it has snuck up on some at home and abroad that we are in the 15th street year of freedom in decline around the world. president biden with this summit is going to issue a wake up call to anybody who still slumbering on that fact. we are also bring democracies together. some full-fledged democracies were checks and balances are working relatively well. some facing their challenges. we're coming together with humility, knowing we all have someth

. >> thank you >>> fed chair powell and fed chair secretary yellen are wrapping up their second day ofestimony on capitol hill. steve liesman joins me with the latest steve. >> hey, john yeah, fed chair powell in his day two of testimony maintain his high level of concern over inflation and reiterated the fed will discuss a faster taper timeline at its upcoming meeting in about two weeks he said there's no reason it should be disruptive to markets. >> you can see that the highly accommodative policy that we have, even after the taper is done, there's really -- it is really appropriate that we -- that we taper. as i mentioned yesterday - >> i agree >> -- in my view it is appropriate we consider at the next meeting tapering faster so that it wraps up a few months earlier. >> a lot more politics today republicans in the hearing working to pin the current inflation on the bide inadministration's spending policies democrats blaming the pandemic and supply shortages for inflation and accused republicans of ignoring strong economic and job growth. powell as he always does agreed with both sid

janet yellen has said that december 15 is the date where congress needs to send something by that date to the president to either suspend the debt limit or to raise it to a certain level. how we get there is an open question. republicans said they will not be part of raising the debt limit or suspending it again. they want democrats to use the budget reconciliation process which averts a filibuster for that. that says all kinds of procedural things that could add a lot of days and minutes to the clock if you will. it is unclear when they will start the process. we will see. we are also in the middle of another big debate over the build back better plan. i see this is in the senate now, and the senate is debating the parliamentarian, looking at the facets of it to see if it adheres to the rules of the conciliation process. those are the three big ticket items that the congress wants to dispense with before the end of the year. i dislike so much attention to the clicking -- ticking clock or the pinched calendar or things like that. it does feel like we have a few weeks until the end of t

when do we hear mea culpa from yellen?hearing on the heels of the most expensive thanks giving in decades, americans are heading into the holiday shopping season that will be the most expensive in history. this administration is not only infailing to address the inflation tax and inflation crisis through their overspending and spending bing, they're doubling down on this strategy, this failed strategy that the american people simply cannot afford. david: well, even though powell did at mitt at admit it is not transitory inflation didn't talk about the cause of it. all the deficit spending and fed buying up debt issued by treasury. over 60% of all ever the bonds issued by treasury being bought up by the fed. they create money in order to buy up that debt. that is what causing inflation. not talking a lot about that? >> absolutely. the consumer price index is now over 6%. and core inflation, when you remove high energy and food costs which is of course where most americans really feel the hit, it is at 4.6%. that is way off

this week some big payments coming due today and then again on december 15 and that is why secretary yellen is urging lawmakers to make a decision soon >> you said treasury has more breathing room they could run out of money before the end of the month. those payments could last until sometime in january and that's why congress needs to act soon >> isn't that the definition of insanity stocks selling off on tuesday. newly confirmed and suddenly nervous jay powell said the fed will consider tapering up efforts. also saying the word transitory needs to go the way of the dinosaur >> i think it is probably a good time to retire that word and try to explain more clearly what we mean i almost think there is b.c. and a.c. before confirmation and after. what do you make of this suddenly very hawkish fed head >> i think you are right and investors need to pay attention. we expect tapering will lead to tightening and that will be one or two rate hikes next year. that includes borrowing costs which puts pressure on corporate earnings we think the fed has had a major stance change inpolicy what do we d

to pay its bills for everything from social security to military salaries treasury secretary janet yellen said in action from congress would have prompted the first default in american history. >> and again, don't expect republicans to join democrats next week to raise the debt ceiling. but with this crisis, seemingly averted, a democrat said they want to now pivot to trying to pass president biden's build back better plan in the senate by christmas for now in washington, raquel martin, back to you in a thank you for that update. recount. >> coming up next on the kron 4 morning news the rise and fall of one of hollywood's biggest stars. >> actor jussie smollett found guilty for staging a hate crime will have that story once we get back. actor jussie smollett has been found guilty on 5 of 6 felony counts in connection with staging a racist anti-gay attack in chicago. >> the jury deliberated about 8 hours over 2 days now 2 brothers testified that smollett recruit them to fake the attack near his home in downtown chicago. back in january of 2019 kaylee be sohn has that story for us. jussie s

yellen was grilled on the build back better plan. not workforce requirements like the child tax credit but the vast majority, the overwhelming preponderance of individuals who receive these tax credits, the child tax credit, do work and in some cases -- >> we're talking about a workforce participation rate that needs to bin creased. could do any of these incentives require that people work to get them? maria: very good point from north dakota senator and senate banking committee member kevin cramer, he joins me right now. it's good to see you. thanks very much for being here this morning. what was your take-away from that? you had great questions. she reiterated her claim that this build back better plan is fully paid for. the cbo estimates that it would add $367 billion to the federal deficit over 10 years and senator, we had maya mcginnis on this program who told us that the cost of this plan is actually $4.9 trillion. not the $1.7 trillion that the democrats are calling it. your take-away from yesterday's testimony? >> well, thank

and in terms of this, in a situation that the treasury secretary janet yellen describes on the ground like our observations just here in north carolina, is that everybody, it is like the roaring twenties people are out there, spending every single hour of the day is rush hour people are out there, spending consuming and it's it, it's wild because also like there are no workers, so it's total entropy to k. chaos, like everywhere you go and he's and a supermarket, any restaurant, any, the post office like there are no workers there. and there's like, is out the door for every single thing you do. the dry cleaning in our area used to be 24 hour turnaround for years. now it's $67.00 days. so because they don't have any workers. so there is a kind of chaos and entropy and just disintegration happening very rapidly. well, this is the faustine bargain that really began with reagan. you know, the famous reagan satcher era of financial liberalization. this is when america decided to send all of its high paying jobs in factories to china, and the message from reagan and his, his subsequent pres

he fixed that current treasury head, janet yellen needs to be way more concerned about inflation. though his opinion of her may have something to do with his other view, that the lack of women who work in math and science is probably due to issues of intrinsic aptitude. there's not a lot of data out there to support his conclusions on gender. though there is some showing that larry summers is intrinsically an, as he thinks that all the money coming in from the trumpet biden's stimulus is the infrastructure bill. and now whatever they can find, the reconciliation package to wheel out on a stretcher are all causing the economy to overheat over. he is an interesting metaphor using the situation, given the state of the actual economy for to be completely accurate. we'd have to imagine the supposed risk of overheating taking place in the middle of the yukon, where you're wearing a speedo filled with ice cubes lay re thinks the economy needs time to digest all this deeply inadequate public investment or else inflation will knock society out of control, but it's not at all clear that gov

secretary yelling -- yellen, the boat back better plan is fully paid for, even more so. speaker pelosi, it is solidly played for -- paid for. bernie sanders, the reconciliation bill is paid for in its entirety. it will not have an impact on inflation. the white house chief of staff -- htis package has -- this package adds nothing to the debt. well, all lies. it is not paid for. if you do not believe me, let's look at what cbo said. cbo said the deficit will increase by $3 trillion. so when the president, vice president, the treasury secretary, speaker of the house, senator bernie sanders as chairman of the budget committee, and the chief of staff to the president say it's fully paid for and it will not add to the deficit, cbo says that is not true. cbo says it will add $3 trillion towards the deficit. who do you believe, them or is cbo? and what happened? jason and myself asked the congressional budget office to score build back better, assuming that the 17 programs with the sunset clause would actually stay in for 10 years, which is reality. ronald reagan said the close

. >> reporter: federal reserve chair jerome powell and treasury secretary janet yellen warned a senate panel that uncertainty over the supply chain, and the omicron covid-19 variant, may cause inflation to rise into the new year. >> greater concerns about the virus could reduce people's willingness to work in person, which would slow progress in the labor market, and intensify supply chain disruptions. >> the progress of our economic recovery can't be separated from our progress against the pandemic. w.h.i.p. inflation concerns could prompt the send to taber stimulating the economy through bond purchases. >> now the economy is strong, and inflation pressures are high, so we are looking at, going to discuss the possibility of a faster conclusion. 4 the treasury secretary urged congress to late raise the debt limit by december 15, and offended the presidents massive social spending bill. >> you are going to add trillions more through the billback better. >> billback better is will lead paid for, and will not add to debtor deficits. back president biden traveled to minnesota to sell the b