OMB nominee says U.S. GDP won't reach pre-pandemic levels for years without more aid

U.S. economic growth will not return to pre-pandemic levels without additional fiscal stimulus, Neera Tanden, Democratic President Joe Biden's nominee to head the U.S. Office of Management and Budget, told senators on Wednesday.

Tanden told a confirmation hearing before the Senate Budget Committee it was critical to monitor any potential increases in interest rates that would raise the cost of government borrowing, but it was more important at this moment to ensure the prospects for a strong economic recovery.