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U.S. Senate confirms ex-Fed economist as Treasury debt boss

EconomyJul 15, 2021 02:40PM ET
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WASHINGTON (Reuters) - The U.S. Senate on Thursday confirmed Nellie Liang as the U.S. Treasury's undersecretary for domestic finance, putting the former Federal Reserve economist in charge of managing a rapidly expanding federal debt.

Liang, a former Federal Reserve economist, was confirmed 72-27 in a bipartisan vote https://www.senate.gov/legislative/LIS/roll_call_lists/roll_call_vote_cfm.cfm?congress=117&session=1&vote=00264, with 23 Republicans supporting her and only one Democrat, Robert Menendez of New Jersey, voting against.

She takes over the Treasury's domestic finance operation as COVID-19 aid spending continues at a high level and as the Treasury faces a possible fight with Congress over the federal debt limit.

A two-year suspension of the debt limit is set to expire on July 31, and U.S. Treasury Janet Yellen told Reuters on Tuesday that she expects to immediately launch extraordinary cash management measures if Congress fails to act on a new suspension or increase.

The Congressional Budget Office also has forecast that the U.S. budget deficit will reach $3 trillion for fiscal 2021, nearly as high as the record fiscal 2020 deficit of $3.13 trillion.

At her confirmation hearing, Liang told senators she would review Treasury debt market to ensure that stays resilient and operates well in times of stress.

She also said it would be her "priority to promote an efficient and stable financial system that can meet the needs of a dynamic economy."

U.S. Senate confirms ex-Fed economist as Treasury debt boss
 

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Comments (1)
carl burwick
carl burwick Jul 15, 2021 4:32PM ET
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Yes, the Fed...the agency responsible for the USD losing over 50% of its value since 1990, and caused such a poor economic situation that interest rates are unable to be raised. The US has been unable to achieve a balanced budget in over 20 years, and is over $30 trillion in debt. Massive spike in inflation that is not "transitory" as they were trying to gaslight, spike in home prices with decline in home sales, landlords going bankrupt due to tenants unable to pay rent and unable to be evicted, massive spike in cost of living and gas (in blue areas such as certain parts of California the rise in cost of living is over 85% higher than the national average), and the market tanks any time they so much as hint at interest rates going up 0.01% while personal/corporate/government debt are at historic levels and you got a tyrannical regime trying to use illegitimate methods such as threatening to end the filibuster to force through trillions in partisan spending...yeah, good choice.
Me comment
Me comment Jul 15, 2021 4:32PM ET
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great choice to break filibuster and increase the stupid tax cut trump did that just helped the rich and corporations line their pickets at the expense of the middle class.
 
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