Janet Yellen, United States Secretary of Treasury, participates in a global infrastructure and investment forum in New York on Thursday, September 21, 2023.
Pool | Via Reuters
U.S. Treasury Secretary Janet Yellen affirmed that the country can “absolutely” afford to provide financial support to both Israel and Ukraine in their respective war efforts.
President Joe Biden expressed his unwavering support for Israel in its conflict with Palestinian militant group Hamas in a post on X (formerly Twitter) on Sunday. He stated that he updated Israeli Prime Minister Benjamin Netanyahu on both U.S. military aid and efforts to protect civilians as the conflict escalates.
The White House has endorsed Israel’s right to defend itself. However, Biden cautioned against an Israeli re-occupation of Gaza, calling it a “big mistake.” He emphasized the need for a path to a Palestinian state while stressing the importance of eliminating Hamas entirely.
Secretary of State Antony Blinken made an unplanned trip back to Israel on Monday, on the 10th day of Israel’s aerial bombardment campaign in the Gaza Strip. This campaign has resulted in a total siege, cutting off water, food, and electricity to approximately 2 million people.
In an interview with Britain’s Sky News on Monday, Yellen was asked if the U.S. could afford to provide military support to both Israel and Ukraine in their respective conflicts. She responded with a resounding “absolutely.”
Yellen emphasized that America can afford to stand with Israel and support its military needs, as well as support Ukraine in its struggle against Russia. She pointed out that the U.S. economy is thriving, with low unemployment and inflation that has been decreasing. Yellen also highlighted the Biden administration’s economic legislation that is set to strengthen the economy in the years to come.
Yellen called for the release of funds for both allies, making it a priority. She urged Republicans in the House of Representatives to seat a speaker so that legislation can be passed, following the removal of former speaker Kevin McCarthy.
She reiterated America’s support for Israel, stating that they have the right to defend themselves. Yellen also stressed the importance of minimizing civilian casualties as much as possible.
Israel’s siege, which has faced criticism from human rights organizations, was a response to a brutal terrorist attack carried out by Hamas on October 7. The death toll from the conflict has risen to at least 1,400 people in Israel and almost 2,700 in Gaza. Israel’s military has instructed residents of northern Gaza to evacuate south, leading to criticism from humanitarian agencies on the ground.
Yellen acknowledged that it is too early to determine the potential economic impact of the Middle East conflict, citing volatile oil prices and concerns about the involvement of neighboring powers like Iran in the Israel-Hamas war.
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