Treasury Secy. Yellen, GOP senators discuss economic crisis

FILE - Treasury Secretary Janet Yellen testifies before the House Ways and Means Committee on Capitol Hill in Washington, on June 8, 2022. Yellen will travel to Asia this month, her first trip to the Indo-Pacific since becoming head of the agency. She will represent the U.S. at the Group of 20 finance minister meetings in Bali. (AP Photo/Jose Luis Magana, File)

FILE – Treasury Secretary Janet Yellen testifies before the House Ways and Means Committee on Capitol Hill in Washington, on June 8, 2022. Yellen will travel to Asia this month, her first trip to the Indo-Pacific since becoming head of the agency. She will represent the U.S. at the Group of 20 finance minister meetings in Bali. (AP Photo/Jose Luis Magana, File)

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UPDATED 6:30 AM PT – Friday, July 15, 2022

Treasury Secretary Janet Yellen weighed-in on the latest inflation numbers while Republicans continue to blast the Biden administration over the rising costs of goods. While speaking out on the efforts by Biden officials to improve the economy, she pointed out that inflation is unacceptably high

During a news conference Thursday, Yellen asserted the Biden administration’s top economic priority is to bring inflation down. She claimed the labor market is currently very strong and in good shape, despite inflation hitting a 40-year record high this week.

The Treasury secretary also said she would continue to push hard for a cap on the price of Russian oil to avoid future surges in oil prices. The official also said the administration is very supportive of the Federal Reserves efforts to lower inflation amid a number of recent interest rate hikes by the Central Bank.

“Also the work that we’re doing to institute the price cap on Russian oil to avoid potential future spikes in oil prices,” Yellen noted. “We’re very supportive of deficit reduction and very much hope that Congress will pass the reconciliation bill that would help lower some of the important costs faced by consumers.

Her remarks came after GOP senators expressed alarm about inflation during a press briefing on Capitol Hill Wednesday. Republicans said the Biden administration needs to stop the reckless spending and increase production of supplies including oil in the US.

Sen. James Lankford (R-Okla.) contends Democrat policies and laws that have drastically increased daily living expenses for Americans are to blame for the current economic crisis. He called on Democrats to stop federal spending and stop proposing tax hikes.

Sen. Todd Young (R-Ind.) called out the Biden administration for failing to provide answers on how to they will alleviate the economic crisis. He noted, inflation could have been avoided if Democrats did not pass their $1.5 trillion spending package.

Republicans also said President Biden’s rhetoric does not match the reality most Americans are facing. According to recent polling, Biden’s approval rating remains low as many feel the country is headed in the wrong direction.

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