But i think that the idea now is that we have to hit back hard, we have to hit back strong if were going to finally put this dual crisis of the pandemic and the economic pain that is engendered behind us. With respect to larrys point, one thing is just wrong, which is that our team is dismissive of inflationary risks. Weve constantly argued that the risks of doing too little are far greater than the risk of going big. Providing families and businesses with the relief they need to finally put this virus behind us. Second, i want to quote fed chair Jerome Powell who strongly reiterated this view the other day, i think it was just a week or so ago, that inflationary risks are also asymmetric right now. Im much more afraid of people losing their careers and life that they built because they dont get back to work in time. Im more concerned about what that will do not just to their lives but to the American Economy. Im more concerned about that than which exists with higher inflation. In our view, the risks of doing too little far outweigh the risks of doing too much. Reporter the senate went forward with a measure that did not include an increase in the minimum wage. Has President Biden come to a determination that thats not going to be a part of the final package in order to get this passed, in order to get the democratic support he needs . The president has consistently argued that a minimum wage, 15 an hour, is essential to make sure that many who are suffering are not toiling with a minimum wage of 7 per hour, and say the federal minimum wage. This idea that somehow and ive heard this in many questions this idea that the minimum wage is somehow octagonal with this package doesnt make sense to me. This package is for the people working through the pandemic. I have one other point i want to make, though, getting back to the argument with larry. This is key from my perspective as an economist who, throughout my career, has been motivated and concerned. I think the theme of my work has always been making sure that this economy, that our economy, the American Economy provides ample opportunities for people from all walks of life, from all parts of the income scale, men and women, persons of color, communities of color have the opportunities they need to realize their potential. And right now there is deep unused capacity in this economy which is targeted by the American Rescue plan. There are 10 million unemployed people. There are 2. 5 million fewer women in the labor force than last year. Black and hispanic Unemployment Rates are 9 . We have a job market in a stall. The risk is an inflationary risk which motivates us to go big or go home. The cost of an action of not addressing these risks are too steep and too costly to these vulnerable groups relative to the likelihood of overheating. Thats the way i think about it. Reporter thank you. One more followup from the other chkristen. The White House Economic Team, is there anyone on the team that is concerned that the 1. 9 trillion is too big, is too much, or is everybody in agreement . The White House Economic Team is in complete consensus on the urgency of the need for this American Rescue plan and in complete solidarity on the calibration of this plan, that its of the magnitude to meet the challenges we face. Again, with respect to larry and his piece, its just flat out wrong that our team is, quote, unquote, dismissive of any inflationary risks. Janet yellen is our treasury secretary. She knows a little about inflationary risk and has tracked that forever. I just quoted Jerome Powell whose job is to manage that risk against the job market, against the risk of unemployment, against the risk of people getting stuck in joblessness so they cant get out and get back into the job market against a risk of scarring in the community, meaning not doing enough about current damages so they can be permanent damages and people cant get back in the labor environment, and that businesses fail because we havent taken the steps to get them through to the other side of the crisis. The team has all of our oars in the water pulling exactly in the same direction on that. Reporter not to belabor this point, but larry also raises some questions about your future agenda. He notes that you will have committed 15 gdp with absolutely no increase in public investments. Is this a concern Going Forward . Where will you find the money to build back better as the president s promised . I think the way President Biden talks about this is not just resonant but also follows an economic logic that i think is very strong. Rescue recovery. The American Rescue plan gets this economy and the families and the businesses in it to the other side of this crisis by finally controlling the virus, producing and distributing the vaccine and giving people the relief they need to get to the other side. But simply getting back to where we were is a bar thats far too low for the bidenharris administration. Thats where Building Back better in the Recovery Plan comes in. These are structural changes. By the way, many of which, as the president has said, permanent programs should be paid for. So these are structural programs that not in a cyclical sense dealing with getting to the other side of the crisis but deal with the structural challenges we face in climate, in education, in care, in poverty and racial discrimination, and i am at infrastructure. I am wholly confident in this president and this administrations ability to go forth and make a strong case for rescue now, get the economy to the other side of the crisis, pursue the recovery, the Building Back better agenda. As i say, im confident about that. One point and then ill stop. Infrastructure, i get asked about this a lot. The prelimin the implication of the question is a democratic one, well, you wont get support on that. I was testifying a year or two ago in the house, and when i finished my testimony, a couple republicans, and i wont name them because this was a private moment, pulled me aside and said, hey, democrat, come here. They said, we want to do infrastructure, but we cant do it because our boss, president trump, doesnt have a plan. The plan was really an asterisk. I guarantee you, there are politicians on both sides of the aisle who are champing at the bit to make investments in public goods in this country to do an Infrastructure Bill that repairs not just maintenance but gets into clean energy, into broadband, into the kinds of investments that youve heard the president talk about. So i am confident that we work on rescue now, well get to recovery next. Thank you. Thank you so much. Thank you. People often ask me what my favorite part of the job is, and its when i get to call people like Jared Bernstein to talk, and thats how it should work. I have a couple items at the top to go over and update you all on. First, at 3 00 p. M. This afternoon, Vice President harris will hold a meeting with leaders across the country to discuss the rescue plan. They will share ongoing experiences with this crisis, ask the Vice President questions and discuss how Small Businesses in their community are fairing right now and what they need. A brief note on the tragic deaths of two fbi Special Agents earlier this week, acting Attorney GeneralMonty Wilkinson will lead special agent lauras service on monday and the other special agent on sunday. Dr. Randall will accompany them. Tomorrow the white house will launch a new effort for the president to regularly communicate directly with the American People. This is a question one of your colleagues asked earlier this week. There is a timehonored tradition in the country to la hearing from the president this way, to weekly fireside chats to a president ial radio address. President biden will continue that tradition and we expect it to take on a variety of forms. She will be having a chat with a woman who lost her job because of the pandemic. Look for that on the white house digital channels. Finally next week the president will be engaging with bipartisan groups on the American Rescue plan and other key priorities, including current Vaccine Distribution and National Security. On monday he will virtually tour a vaccination center. On wednesday he will visit the pentagon to meet with the secretary of defense. And on thursday President Biden will visit the National Institutes of health. So with that, speak. Reporter jen, a couple questions for you. Why is the president going to delaware this weekend . He is from delaware and has a home there, and is going to spend the weekend with his wife and family there. Reporter as you know, in the White House Briefing a couple hours ago, there is a big x over airplanes and people should avoid travel. Is there an extension to that . He is ensuring that people take steps not to make others vulnerable in our effort to get the pandemic under control. As you know, any president in the United States, democrat or republican, obviously takes air force one, a private plane, when they travel. Delaware is his home and he looks guforward to spending the weekend there and have time with his family. Reporter has he been proceeding with regular tests for the coronavirus while hes been here at the white house . We havent seen since the transition on his testing. Im happy to get back to you on that and provide an update. He has, as you know, received a second vaccination which was done in public. Reporter a couple weeks ago, you were asked about the president s policies toward federal executions. Does the president plan to put in place a blanket federal moratorium again . The president has spoken about his opposition to the Death Penalty in the past, but i dont have anything to predict for you or preview for you in terms of additional steps. Reporter another one, im sorry. Its okay, its friday, we have to get everything out. Reporter when did the president recognize that continuing to negotiate with republicans wasnt going to lead anywhere and he had to embrace his proposal and get it on the train before it leaves the station. It seems the time for negotiation is over, and its time for the president to get this passed. I wouldnt say thats an accurate characterization of his view or the view of any of us. Just to note, even as the package is moving through a reconciliation process, there is a great deal of time. The process enables time for negotiations through committee work, which will happen next week, and also the majority of Reconciliation Bills in the past have been bipartisan. So we certainly are hopeful that there will be opportunities for amendments from republicans, amendments from others across the board to be a part of this process moving forward. Reporter if i could actually just follow up with you and just read some of what President Biden said today, he said, if i have to choose between helping americans who are hurting so badly or getting bogged down on a lengthy negotiation or compromising on a bill thats not up to the crisis, thats an easy choice, im going to help the American People who are hurting now. Has he resigned himself to the fact that hes going to have to use reconciliation and move forward without 60 votes . Congress would use that process. Its a parliamentary procedure, and just when a bill becomes a law, if there is an opportunity to move forward with a bipartisan package, at any moment, that can happen. Again, i believe its 18 of 24 that bipartisan Reconciliation Bills have been bipartisan. A bipartisan bill has 52 votes, 54 votes, 56 votes. But we are not going to sit here and wait for an ongoing negotiation where frankly we havent received an offer in return, right, or a Response Offer to what the president has proposed because the American People need the relief now. Reporter it seems as though he has resigned himself to the fact there will not be 60 votes in the senate to pass. The president listens to the American People who frankly is not worried what parliamentary procedure gets them relief, gets shots in peoples arms and reopens schools. He is certainly hopeful there is opportunity for this bill, whatever form it takes, to have bipartisan support. There is an opportunity to do that. History shows thats precedent. If ik could ask you on forein policy, there is going to be a principals meeting on iran today. President biden so far has not moved forward with negotiations over an iran deal. When is the time frame for that to happen, and does he think hell be able to get democrats on board with this, jen . They were quite critical in 2015. You asked this question first, and smartly, so on this meeting today, and i know that the Interagency Process is a little foreign in this building and in the government because of the last four years, so this is a Principals Committee meeting. Were not going to confirm every one of these, but for the sake of educating everyone, not in this room but people who are watching, the focus is broadly on the middle east. Im sure iran will be part of the discussion as its an important issue and important priority for the president and for many of our partners and allies around the world. But this is not a decisional meeting, its not a meeting where policy will be concluded and its not a meeting that the president of the United States will be attending. This is a normal part of the Interagency Policy Process just as there are meetings about immigration, criminal justice, the economy every day across government. Reporter understood. Given that you say iran will be raised in this meeting, is there a timeline for when President Biden would like to try to come back to the table and get a deal under the Iran Nuclear Agreement . Thats really up to iran. If iran comes back in full compliance with the obligations under the jocpa, the Iran Nuclear Deal for people who dont like acronyms, i personally hate them, but then iran would do the same that also addresses other areas of concern. But that will be done in partnership with our p5 plus 1 partners. I know i keep saying this, but were only two and a half weeks into the administration. This is how the Administration Policy should work where senior members are meeting about a range of issues in the middle east, but otherwise its in irans court to comply. Go ahead. Reporter thank you, jen. One more Foreign Policy question. During President Bidens big Foreign Policy address yesterday, he didnt really mention afghanistan. Why not, and where is he on the whole withdrawal of u. S. Troops from that country . I appreciate your question because it was not meant to be a comprehensive Foreign Policy speech. He will have a lot more to say about Foreign Policy and his approach to National Security in the weeks ahead, but there were a lot of topics that werent discussed because it wasnt designed to give the Overarching Biden Doctrine or give his comprehensive view on every issue globally. In part because there are Administration Policies that aren going, as is consultations with members of congress. So there is nothing i have in terms of an update as it relates to afghanistan at this point in time, but he will have more to say on Foreign Policy in the weeks ahead. Reporter what is being done, what could be done to provide Covid Testing to migrants at the border . Because right now the u. S. Customs and Border Protection is saying theyre having to Catch And Release some migrants without giving them any kind of covid test before theyre entering the community. So what is being done, what could be done . Are you suggesting theyre letting people in across the border without testing them, or tell me a little bit more. Reporter theyre having to, because of the Executive Order that the president signed earlier this week which one . Reporter rescinding president trumps policy which stopped Catch And Release. Theyre saying that theyre having to provide theyre having to release some migrants into the community before they know for sure they do not have covid, and theyre worried it could spread in the community. Is there anything being done at the federal level to make sure that this is not contributing to the spread of coronavirus in this country . Well, ce