2 Minute Read by Reuters Staff (Reuters) – WASHINGTON (Reuters) – Nellie Liang, a former Federal Reserve economist, was confirmed as the US Treasury’s undersecretary for domestic finance by the Senate on Thursday, putting her in charge of controlling the country’s fast growing debt. Liang, a former Federal Reserve economist, was confirmed by a bipartisan vote of 72-27, with 23 Republicans voting for her and only one Democrat, New Jersey Senator Robert Menendez, voting against her. She takes over the Treasury’s domestic finance unit as COVID-19 assistance expenditure remains high and the Treasury prepares to fight Congress over the federal debt ceiling. The two-year suspension of the debt ceiling is slated to expire on July 31, and US Treasury Secretary Janet Yellen told Reuters on Tuesday that if Congress fails to act on a fresh suspension or raise, she expects to immediately implement exceptional cash management measures. The Congressional Budget Office also predicts that the US budget deficit will hit $3 trillion in fiscal 2021, virtually matching the previous peak of $3.13 trillion in fiscal 2020. Liang told senators at her confirmation hearing that she will examine the Treasury debt market to ensure that it remains resilient and functions well in times of hardship. She also stated that “promoting an efficient and stable financial system that can satisfy the needs of a dynamic economy” will be a “priority” for her. David Lawder contributed reporting, and Alistair Bell edited the piece./n
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