Biden Treasury Secretary Janet Yellen appeared before the Senate Finance Committee on Thursday morning and things did not go well as she tried to explain the Biden administration's "not a bailout" bailout of two failed banks in the last week, why she claimed inflation was "transitory" earlier in the cost crisis, and why the Biden administration is refusing to negotiate with Republicans to raise the debt ceiling.
Reiterating claims that Biden's bailout of Silicon Valley Bank and Signature Bank constituted "decisive action," seemingly fishing for applause, Yellen said America's "banking system is sound and Americans can feel confident that their deposits will be there when they need them." Echoing Biden's Monday morning speech that failed to quell anxiety about America's banks, Yellen insisted the banking system remains "strong" and stated "no taxpayer money is being used" in the bailout. Still, the Biden administration has not explained where this apparently magic non-taxpayer money that banks paid into the Deposit Insurance Fund came from.
YELLEN: "Shareholders and debt holders are not being protected by the government...No taxpayer money is being used or put at risk with this action." pic.twitter.com/gMbFCXZQVR
— Townhall.com (@townhallcom) March 16, 2023
Yellen also claimed that Biden has led the United States into a "historic economic recovery" but acknowledged inflation remains an issue on which more "work needs to be done." Ironically, Yellen heralded "three transformational laws" passed by Congress and signed by Biden — the infrastructure package, CHIPS and Science Act, and falsely named Inflation Reduction Act — without noting those tax-and-spending sprees caused some of inflation's surge to 40-year highs.
JANET YELLEN: "I consider high inflation the number one economic problem that all of us need to face and address...I was very supportive of the American Rescue Plan." pic.twitter.com/cOo9OWyTRf
— Townhall.com (@townhallcom) March 16, 2023
Confusingly, Yellen also said she did not believe that "deficit spending" was a "main cause" of the inflation in a line of questions from Senator Ron Johnson (R-WI), partially explaining why she thought massive Biden administration spending policies were a good thing and not to blame for price increases not seen in four decades.
Senator Ron Johnson: "Would you agree those are the top three causes of inflation? Deficit spending, high energy costs, and supply dislocations?"
— Townhall.com (@townhallcom) March 16, 2023
YELLEN: "I don't believe the deficit spending is one of the main causes of inflation."
Senator Ron Johnson: "You don't?!" pic.twitter.com/rxCVJtgbMx
When asked about raising the debt ceiling by Senator Mike Crapo (R-ID), Yellen refused to say that President Biden or his administration would work with Republicans in Congress — especially those now controlling the House of Representatives — to negotiate a bill to lift the debt limit while cutting spending.
Senator Crapo: "Can you commit, at least, to negotiate with Republicans as we try to work forward on finding some aspects of fiscal restraint to put into the debt ceiling discussion?"
— Townhall.com (@townhallcom) March 16, 2023
YELLEN: "The debt ceiling simply must be raised." pic.twitter.com/hW0DiVgSSC
Biden's refusal to work with lawmakers was brought up again by Senator Bill Cassidy (R-LA) on the issue of protecting the solvency of Social Security. Yellen tried to insist that Biden "cares very deeply" about the program, but couldn't explain any of his actions to back up that claim. Instead, Yellen insisted Biden "stands ready to work with Congress."
"That's a lie," Cassidy pointed out, as lawmakers have tried to meet with Biden on the subject to no avail.
SENATOR CASSIDY: "Why doesn't the president care?"
— Townhall.com (@townhallcom) March 16, 2023
YELLEN: "He cares very deeply."
CASSIDY: "Then where is his plan?"
YELLEN: "He stands ready to work with Congress."
CASSIDY: "That's a lie! A bipartisan group of senators have repeatedly requested to meet with him!" pic.twitter.com/jpud6ai0MO
It's unsurprising that Biden doesn't have a plan to address Social Security or negotiate a debt ceiling increase, considering his previous failures. From the Afghanistan withdrawal to declaring "independence" from COVID in 2021, Biden's plans, when he does have them, don't end any better.
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