Sec. Yellen: Biden Administration is working to bring down household costs

The President’s fiscal year 2025 budget request was put under a microscope at a recent House Ways and Means Committee hearing with the Secretary of Treasury.

Secretary Janet Yellen shares what is being done to bring down costs at home for rural Americans.

“President Biden and I are taking additional actions to bring down the costs of key household expenses like energy, prescription drugs, and housing. We’re also focused on expanding our economy’s capacity to create good jobs, while reducing the deficit. As we implement the Bipartisan Infrastructure Law, the CHIPS and Science Act, and the Inflation Reduction Act, we’re creating economic opportunity for Americans across the country, including those without college degrees, and in communities that had historically been overlooked or left behind. Companies have announced over $675 billion in clean energy and manufacturing investments since the start of this administration, some of which I’ve gotten the opportunity to see firsthand.”

Secretary Yellen says that no family making under $400,000 a year will see any tax increases, but Chairman Smith says that the budget does not support that.