Biden admin official: Maybe we should raise taxes to fight inflation?

The United States still needs to do more to bring down inflation, which is still too high globally, Deputy U.S. Treasury Secretary Wally Adeyemo said on Wednesday, adding that the country is moving toward a more healthy labor market going forward.

Speaking in an interview on CNBC, Adeyemo added that the Biden administration is seeking to expand U.S. economic output and employment while bringing down deficits, but may have to modestly raise taxes for some over time.