US Treasury Secretary Janet Yellen warned of the economic repercussions of a looming government shutdown, saying it would hurt American families and cause economic headwinds that could undermine progress made to improve the outlook.
(Bloomberg) — US Treasury Secretary Janet Yellen warned of the economic repercussions of a looming government shutdown, saying it would hurt American families and cause economic headwinds that could undermine progress made to improve the outlook.
“A shutdown would impact many key government functions — from loans to farmers and small businesses, to food and workplace safety inspections, to Head Start programs for children,” Yellen said, according to prepared remarks she was set to deliver Friday. Head Start offers early childhood education to lower-income families.
She added that a shutdown also could delay major infrastructure improvements. Yellen made the comments in a speech in Savannah, Georgia, on a visit aimed at touting the Biden administration’s infrastructure investments.
“These investments fuel long-term economic growth, build economic resilience, and increase economic opportunity,” Yellen said.
Yellen’s trip is part of a broader administration effort ahead of the 2024 election campaign aimed at convincing Americans that President Joe Biden deserves credit for an improving US economy. Despite high inflation, which has receded somewhat, unemployment remains near the lowest level in decades.
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