Janet Yellen, the U.S. Treasury secretary, told reporters that Washington’s top priority is to provide support for Ukraine and Israel and she believes there is “substantial bipartisan support” in Congress.
“Leave it to members of Congress to figure out how to move forward on this when the speaker is in place, and I could tell you precisely what the timetable is for getting this done,” she said, while visiting Marrakech, Morocco.
Yellen told delegates at the International Monetary Fund and World Bank that the U.S. is monitoring the potential economic fallout from the crisis in Israel but she said she is “not really thinking of that as a major driver of the global economic outlook,” according to CNN. “Thus far, I don’t think we’ve seen anything suggesting it will be very significant.”
President Joe Biden told reporters that he spoke to Israeli Prime Minister Benjamin Netanyahu and assured him that the U.S. is ready to offer “all appropriate means of support to the government and the people of Israel.”
Biden’s assurances come as the U.S. helps fund Ukraine’s war against Russia and pumps Taiwan with weapons amid tensions with China.
The U.S. announced last week that it will provide Ukraine with an additional $200 million in weapons from stockpiles. Since the war began, the U.S. has provided Ukraine with $75 billion in assistance. The Biden administration is expected to request another $100 billion from Congress for long-term support.
The U.S. provides Israel with $3.8 billion in military aid each year.
Mark Cancian, a senior adviser with the International Security Program at the Center for Strategic and International Studies, wrote that the funding will not cover the cost of the war against Hamas, and there “will almost certainly be a supplemental appropriation.”
He wrote that Israel will also likely need economic support given that it is employing hundreds of thousands of reservists. He also said the country relies on tourism, which will likely take a significant hit during the war.
“As a benchmark, the initial Ukraine supplemental (March 2022) was $13.6 billion,” he wrote. “Interim funding might be combined with the Ukrainian aid package, giving the latter an extra push towards enactment. An additional amount for Israel could come later and during the regular budget cycle if more was needed.”
The Washington Post reported that the Biden administration is working behind the scenes with both parties to try and link the Ukraine and Israel funding together, and hopes to use the “urgency” for the Israeli aid to “overcome House Republican opposition” to Ukraine.
The paper lawmakers are eyeing upward of $60 billion in Ukraine funding to get Kyiv through a year of fighting. The U.S. is also expected to provide Israel with “a few billion” for the Gaza war.
Sen. Mitch McConnell, R-Ky., called on Congress to pass one massive bill that would help fund Ukraine, Israel, and Taiwan—and include money for Washington to “expand and modernize our own weapons inventories” and replenish stocks.
Lloyd Austin, the U.S. defense secretary, said Washington has the funding to help fund both wars.
“We’re going to do what’s necessary to help our allies and partners, and we’re going to also do what’s necessary to make sure that we maintain the capability to protect our interests and defend our country,” he said, according to CNN.
TRENDPOST: John Kirby, the National Security Council spokesman, told reporters at the White House that—under the current appropriations, the U.S. is “certainly running out of runway” to support two major wars.
He said “existing appropriations and existing authorities” are OK, but that’s not going to last forever.
“I think in the immediate term, right now, we can continue to support—with the authorities in the appropriations we have—Israel and Ukraine. But you know, we’re certainly running out of runway,” he said.
The Trends Journal has reported extensively on how times have changed from when President Calvin Coolidge said, “The business of America is business.”
Gerald Celente has long said, “The business of America is war.” (See “U.S. WAR-MONGERS WANT TO TACK ON $45 BILLION MORE TO BIDEN’S MILITARY BUDGET” 6 Dec 2022, “TAIWAN VS. CHINA: UKRAINE WAR SETS THE STAGE” 5 Apr 2022, “PRODUCING NEW ENEMIES FOR NO REASON WHATSOEVER” 9 Aug 2022, and “WHAT CELENTE HAS SAID IS NOW PROOF: POLL SHOWS MOST AMERICANS CAN’T FIND UKRAINE OR TAIWAN ON A MAP” 16 Aug 2022.)
The U.S. has said that no American troops will be used in Ukraine or Israel, and we have forecast that Washington will not send soldiers to intervene in Taiwan, should China invade.
TRENDPOST: Why is there no blowback about the U.S. Treasury Secretary demanding that Americans support the Ukraine and Israel Wars? This is not the job of the Treasury Secretary.