The Congressional Budget Office today estimated President Biden’s signature social spending bill would add a staggering $3 trillion to the federal deficit over ten years. The figure comes just hours after the Bureau of Labor Statistics reported that Inflation reached a 39-year high in November. Sen. Chuck Grassley (R-Iowa), a former chairman and senior member of the Senate Finance Committee, issued the following statement:
“If the Biden administration needed any more evidence that its partisan tax and spending spree is not good for the country, it got two glaring reminders today. New reports show inflation is skyrocketing faster than it has in a generation, eating away at the pocketbooks of working Americans. And today we learned that despite Democrats’ best efforts to claim their partisan plan is fully paid for, the independent Congressional Budget Office revealed it would add $3 trillion to the federal deficit over 10 years, absent budget gimmicks. Pursuing this kind of massive inflation-inducing spending, especially at this time, is legislative and economic malpractice. It’s time congressional Democrats abandon their partisan spending scheme. It’s the only responsible way to move forward,” Grassley said.