Reuters reports that U.S. Treasury Secretary Janet Yellen said that President Joe Biden's social spending and infrastructure packages would change the shape of the U.S. economy for the better and drive inflation down.
Biden on Thursday unveiled a $1.75 trillion economic and climate change plan.
The proposals represented "something truly historic: a new period of investment in economic growth for all Americans across the country," Yellen said.
"This is really because of the pandemic," Yellen said, when asked about higher consumer prices and if inflation would decline next year.