WASHINGTON (AP) — Treasury Secretary Janet Yellen believes the U.S. government has more room to borrow, but says higher taxes would likely be required in the long run to finance future spending increases. Yellen appeared Wednesday before the Senate Banking Committee with the Biden administration considering up to $3 trillion in additional spending on infrastructure, green energy, and education. That “Build Back Better” plan would follow the $1.9 trillion economic relief package approved earlier this month. Yellen says the persistence of low interest rates have changed her views on safe federal debt levels.
