House Democrats passed their nearly $2 trillion spending bill Friday despite a report from the Congressional Budget Office showing that it would add to the deficit.
The plan has come under fire from Republicans, who say the debt spending and taxes that go along with it will harm the economy.
“It Reduces National Debt? Nonsense!”
“America, the results are in, and now we know it was all nonsense, just nonsense,” said Rep. Kevin Brady, R-Texas, after the CBO score was released. “The claim that this ‘costs zero’ and ‘reduces the national debt’? Nonsense! This bill–even counting the budget gimmicks–is several hundred billion dollars short today and the independent Committee for a Responsible Federal Budget says over 10 years, it’s closer to a $3 trillion national debt.”
He went on to point out the bill will be a tax on the middle class. (Story continues below.)
‘”It ‘won’t tax the middle class’? Nonsense. The Joint Committee on Taxation and the liberal Tax Policy Center both confirm that up to 1/3 of middle class Americans will see a tax increase starting next year,” he added.
“‘This will make the wealthy pay their fair share’? More nonsense. Two out of three millionaires in America will see a huge tax cut in this bill. And ‘this will reduce inflation’? Nonsense. Even the President’s own favorite analyst Moody’s admits Americans ought to brace for higher prices for the next decade because of this bill and the infrastructure and the COVID stimulus bill.”
“Build Back Better is NOT Free”
Questions over the debt and inflation have continued to plague the Biden administration. Debt spending contributes to inflation because money is printed to help finance the debt obligations.
The latest federal economic data shows inflation has skyrocketed in the last year.
Now, critics say the Democratic plan will only make matters worse.
“Build Back Better is NOT free and it’s NOT something we need!” said Sen. Tim Scott, R-N.C.