‘Another reckless increase in taxes and spending’: 22 Republican governors criticize Democratic compromise spending bill

Twenty-two Republican governors criticized the Democrats’ attempt to pass the spending settlement bill as “another reckless increase in taxes and spending” after a compromise with the leadership of Senator Joe Manchin.

“The Democrats’ solution to 40 years of hyperinflation is to pass another reckless tax and increase spending by $740 billion, which will affect Americans across all tax brackets,” said a panel of 22 Republicans and governors led by Gov. Henry’s South Carolina. McMaster. and Georgia Governor Brian Kemp.

“By rejecting a recession, Democrats want to increase taxes on businesses and producers, which would increase costs for consumers, worsen inflation, and deepen deficits,” the group said.

Last week, the federal government reported that the gross domestic product (GDP) contracted by 0.9 percent in the second quarter of 2022, signaling that the economy has entered a recession.

In fact, mortgage debt rose 1.9 percent last quarter as the housing market continued to rise after the pandemic, and the consumer price index rose 8.6 percent year-on-year, the biggest increase since the fourth quarter. 1981.

Years after increasing it in four of the next five years, the Inflation Reduction Act, a spending bill Democrats are trying to pass, was passed by the Congressional Budget Office as a way to reduce the deficit.

John Carney of Breitbart News wrote on Wednesday:

The Congressional Budget Office said in a forecast Wednesday that the Inflation Reduction Act would cut the budget deficit by $101.5 billion between this year and 2031, which nonpartisan analysts say will not reduce inflation.

But between this year and 2027, the budget deficit will increase by $24.6 billion. The nonpartisan budget review body predicts that the deficit will narrow next year as new tax regulations come into effect, and then widen each year through 2028.

The change relates to expectations about when drug price changes will take effect. The ten-year cost is also being reduced by ending some of the spending provisions that Republican lawmakers have criticized as a gimmick to hide the bill’s true cost.

Jason Smith (R-MO), a senior member of the House Budget Committee, also released a memo saying that the bill will add fuel to the “inflation fire” by using sunset budget gimmicks to hide its true cost. Manchin on reducing the deficit.