12.10.21

$4.9 Trillion: Without Budget Gimmicks, Cost of Democrats’ Reckless Taxing and Spending Spree Skyrockets

WASHINGTON, D.C. – U.S. Senate Republican Leader Mitch McConnell (R-KY) released the following statement today regarding the recent CBO report:

“As a Democratic Senator explained last month, the reckless taxing and spending spree is full of ‘shell games’ and ‘budget gimmicks’ meant to mask the pain it would cause our country.

“Democrats want permanent new entitlements. To create a fake lower price tag, their bill pretends much of the spending would stop in a few years. To be clear, Democrats do not claim this would actually happen.

“The nonpartisan Congressional Budget Office just announced that if you ignore this fake accounting and admit the spending would continue, Democrats’ reckless taxing and spending spree would actually cost a staggering $4.9 trillion in the first decade alone. It would balloon deficits by $3 trillion in just 10 years.

“This red ink tsunami would be irresponsible at any time. During the worst inflation in almost 40 years, it would be insane.

“The same Democrats who falsely promised this bill would cost $0 now say they would offset future extensions, so nobody should worry. It’s comical. Either this plan would explode our debt or Democrats intend to raise taxes by trillions and trillions more than they’re admitting, beyond the massive tax hikes in the bill.

“It was clear yesterday and it’s even clearer today: Washington Democrats must not force through their gigantic, reckless taxing and spending spree.”

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Related Issues: Taxes, Senate Democrats, Budget