WASHINGTON – The Congressional Budget Office today
estimated President Biden’s
signature social spending bill would
cost $4.9 trillion
and 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.
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