Entitlement programs may be cut in a bipartisan deal to raise the debt ceiling.
The debt fight has been pushed back until 2023, when Republicans will take over the House.
Treasury Secretary Janet Yellen said that some sectors will continue to fuel steep price increases.
“We have more work to do to get price increases under control,” she said.
New funding will “transform the IRS into a 21st century agency,” Yellen said.
The Treasury chief also said the US economy's growth rate was slowing.
Janet Yellen said the Biden administration could brag about its fiscal stimulus and growth measures.
A true recession is a “broad-based weakening of the economy,” she said.
Deputy Treasury Secretary Wally Adeyemo said consumer demand remains strong.
Treasury Secretary Janet Yellen said she had not anticipated the large shocks to the economy.
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