Us Treasury Secretary Janet Yellen says President Joe Biden's spending plans for infrastructure, child care and education are necessary to maintain America's position as a leading economic power.

According to a summary of Yellen's speech in Atlanta, the bipartisan infrastructure bill considered by Congress is "just the beginning." other parts of Biden's economic agenda for housing, child care and school education will be "key elements" to help the American people.

"We are used to the fact that the United States is the world's leading economic power," the Treasury Department wrote in a summary of the speech released before Ms. Yellen's speech. "We are not destined to maintain this position, but with these investments, I am sure we will. We now have the opportunity to repair the defective economic base and build a fairer and stronger economy than in the past. "

Ms Yellen said the US had recovered quickly from the recession caused by the COVID-19 epidemic, thanks in part to fiscal policy support. She also said that there are still some long-term problems, such as the decline in the labour force participation rate, which needs to be addressed with more spending.

Ms Yellen said the Biden investment plan should have bipartisan support to ensure that "the economy moves towards a more dynamic and resilient future".

The U.S. Senate will pass a $550 billion bipartisan infrastructure bill as soon as this week, the largest federal public works investment in decades and an important milestone in Biden's economic agenda.