House Budget Committee member Rep. Jason Smith blasted President Joe Biden's $4.9 trillion Build Back Better Act, warning that it will "bankrupt the economy" as Americans suffer from inflation.
According to the Congressional Budget Office (CBO) reports that the Build Back Better Act will create an additional $3 trillion deficit over the next ten years.
Smith noted that the consumer prices are at an all time high since 1982, and the bill would only devastate the American economy even further.
He said, "This analysis from the nonpartisan Congressional Budget Office confirms that Washington Democrats are misleading the public about the true cost and impact of their tax and spending agenda. For weeks, Democrats have ignored independent analyses that showed what CBO today has now confirmed – their reckless reconciliation bill will ultimately cost $4.9 trillion and add $3 trillion to the debt. In the past, Democrats heralded the CBO as the ‘gold standard.'"
Smith continued, "It is irresponsible and disrespectful to American taxpayers that Democrats remain in denial about the true impact of their agenda while at the same time they are doing nothing to tackle the highest spike in consumer prices since 1982, as confirmed by the Department of Labor this morning. In fact, their proposal will only make the recent spike in prices worse. Democrats are wasting precious time attempting to ram through an agenda that will bankrupt the economy, benefit the wealthy, and build the Washington bureaucracy."
On Friday, Senate Budget Committee Ranking Member Lindsey Graham said, "CBO has provided a true cost of the bill over ten years – assuming the programs never go away – which they will not. Their analysis is stunning. The true cost of the bill has more than doubled and the effect on the deficit is eightfold. This score should stop the effort to pass Build Back Better in its tracks because it will dramatically expand government and do great harm to energy production. We’re calling on the Democratic Party to shelve Build Back Better to give the American consumer and economy breathing room to recover."
He added, “I very much appreciate CBO scoring Build Back Better without budget gimmicks. We all know that the new provisions will not sunset – they never do.”
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