Treasury Secretary Janet Yellen said on Monday that the United States economy can “absolutely” afford to fund the war efforts in Israel and Ukraine simultaneously. Yellen’s comments coincide with a push by the White House to secure Congressional funding for both countries even as the public called to end American involvement entirely.
“America can certainly afford to stand with Israel and support Israel’s military needs, and we also can and must support Ukraine in its struggle against Russia,” Yellen told reporters from UK-based Sky News on Monday morning. “Look, the American economy is doing extremely well. Inflation has been high, and it has been a concern to households. It has come down considerably, at the same time, we have about the strongest labor market we have seen in 50 years with 3.8% unemployment.”
The Russia-Ukraine war, which is quickly approaching its second anniversary, has been a source of considerable contention in American politics. Since the initial Russian incursion in February 2022, the US government has sent roughly $44 billion in weapons, economic stimulus, and humanitarian aid to the embattled Ukrainians. While public sentiment has shifted against further support amid reports that US resources as dwindling, the Biden administration is pushing for an additional $24 billion aid package and reassuring the Ukrainian government of American support.
However, that support may ultimately be threatened by the outbreak of a new conflict between Israel and the forces of Hamas early last week. The incursion by the Palestinian terrorist group has kickstarted a full-scale war with Israel, leading to devasting retaliation throughout Gaza by the Israeli Defense Force. The death toll of the horrific conflict is estimated at roughly 1,400 Israelis and 2,700 Palestinians, and Israel is now preparing for a land assault against Hamas’ Gaza strongholds. Reports also suggest that at least 14 Americans have been killed, with another 25 unaccounted for.
Following the initial attacks, US President Joe Biden has attempted to maintain a balanced response, calling for a measured approach that limits collateral damage while also expressing “unwavering commitment” to the alliance with Israel.
Today, I spoke with @IsraeliPM about the appalling Hamas terrorist attacks in Israel. I offered our support and reiterated my unwavering commitment to Israel’s security. @FLOTUS and I express our heartfelt condolences to the families who have lost loved ones.
— President Biden (@POTUS) October 7, 2023
But even as the Israel-Hamas conflict dominates headlines, the Biden administration has been quick to reassure the world that support for Ukraine will not waiver.
“We’re the United States of America for God’s sake, the most powerful nation in the history — not in the world, in the history of the world,” President Biden said during a weekend interview with CBS’ 60 Minutes. “We can take care of both of these and still maintain our overall international defense.”
Administration officials announced that they are drafting supplemental requests for Congressional approval. However, the primary obstacle to further aid payments to either country is the current battle over appointing a new Speaker of the House of Representatives. Emergency funding for Ukraine lapsed during last month’s budget negotiations when every House Republican objected to its inclusion in the continuing resolution. Following the ousting of Speaker Kevin McCarthy at the hands of disgruntled Republicans, Congress has been unable to pass additional funding for any of the country’s allies.
“It’s really up to the House to seat a speaker and to put us in a position where legislation can be passed,” Secretary Yellen said. “It shows that there’s a problem in the Republican party in terms of being able to effectively govern the country. And it is important that we be able to pass legislation.”
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