The Finance Minister also said that the debt ceiling should be raised after the approval of tax and spending plans by the White House and Congress.
On Sunday, U.S. Treasury Secretary Janet Yellen expressed confidence that Congress will approve a legislative initiative to introduce a global minimum corporation tax, agreed by 136 countries.
In addition, Yellen stressed that as soon as Congress and the White House agree on spending plans, lawmakers should raise the debt ceiling.
Speaking on ABC, Yellen said that the provisions attaching the United States to the initiative to introduce a global minimum tax are likely to be included in the budget bill containing President Joe Biden’s spending proposals.
When asked if she was sure that this initiative would be approved, she said, “Yes.”
On Friday, a group of 136 countries proposed a minimum global tax rate of 15 percent for large companies to make it harder for them to avoid taxes. The historic agreement reached, according to Biden, levels the playing field.
Republican senators expressed concern that the Biden administration is looking for ways to implement the treaties bypassing the Senate. The parliamentary maneuver, known as budget reconciliation, allows Democrats to act alone without attracting Republican votes.
According to the U.S. Constitution, the Senate must ratify any treaty by two-thirds or 67 votes. Biden’s fellow Democrats control only 50 seats in the 100-seat Senate. In recent years, Republicans have been overwhelmingly hostile to treaties and have supported corporate tax cuts.
Referring to the debt ceiling, the Finance Minister said: “As soon as Congress and the administration decide on spending and tax plans, they simply have to pay the bills that follow from this.”
“This is routine work because, in reality, we have to discuss the fiscal policy of the government,” Janet Yellen added.