and i m erica hill. janet yellen is going to be on the hill where she is going to be talking about the budget, and there is going to be plenty of questions about the budget and she is going to need a calm tone where she tells americans that their deposits are safe. we will bring that to you live. and the moment when a russian jet collided with a american drone causing it to crash into the ocean. we will show you how. we rebbring you to the statf the u.s. economy now. matt egan is joining us, and everybody is paying attention to the secretary this morning and the words, and she is getting out ahead of this a little bit with the words telling americans to be calm and their money is safe. yes, this is a big moment for
taking you live to capitol hill where janet yellen is appearing before the senate finance committee and scheduled there to talk about president biden s budget, and you can imagine that question will be involving the bank ing situatio. than you for inviting me here today and i d like the start with the recent developments in the banking system. this week, the government took decisive and forceful actions to stabilize and strengthen public confidence in our financial system. first, we worked at the federal reserve and fdic to protect all of the depositors of the two failed banks.
since republicans took the majority, since we put together a select committee on covid, and we now get the truth. bret, where there is no common ground so far is president biden s budget, which house republicans insist is dead on arrival. we do expect to see an official g.o.p. account or budget in a matter of weeks. bret? bret: live on capitol hill, thank you. senate majority leader mitch mcconnell has been released from the hospital after treatment for a concussion. his office says mcconnell will continue to recover at an end-patient rehabilitation facility. his doctors discovered that he suffered a minor rib fracture when he tripped and fell at the at the waldorf-astoria hotel in washington last wednesday evening. people can call you a name but that is not going to trump the achievement. we built an astounding record of achievement. the best is yet to come. we are going to do a lot more over the next few months, that is what people look to. if i was just some random maybe
president biden s budget will increase spending by 2% according to bloomberg. chinese experts worry the communist party is outmaneuvering president biden. they have this strategy of biding their time and would use charm on the outside. anyone who was shrewd would see they were investing in military and taking our technology and doing things of greater concern now. it seems time after time we have seen he s waited for overwhelming pressure from the outside before he takes actions against china. bill: edward lawrence, thanks. strict act would give the secretary of commerce authority and responsibility to identify and counter threats from foreign technology products and services in the u.s. dana: mark warner unveiling a
sell his budget plan. this calls for serious tax increases which he says will keep entitlements, medicare funded for decades. but it may be dead on arrival in the republican controlled house. white house correspondent peter doocy has the story live from the north lawn. good evening, peter. peter: good evening, bret. president biden s budget will read like a political platform. look at all the things that i want to do. it will not read like a document designed to garner much bipartisan support? the biggest threat to social security are republicans. the fight the white house wants is over entitlements for seniors, president biden writes in the new york times the budget i am releasing this week will make the medicare trust fund solvent beyond 2050 without cutting a penny in benefits. not going to get into, dive into the math here. part of the calculation new taxes on the rich, which, likely means it s doomed on the hill. the president s budget is replete with what they would d