During Saturday’s Budget Committee hearing on the Democrats’ multi-trillion dollar tax and spending spree, Rep. Randy Feenstra (IA-04) offered a motion that would stop Democrats from jamming through the most expensive legislation in U.S. history until they reveal the full cost and inflationary impact of this bill. Democrats refused this commonsense effort to provide needed transparency and shot down Feenstra’s motion.
“My motion would stop Democrats from rushing through trillions of dollars in spending without knowing its full cost,” Rep. Feenstra said. “This bill is being sold to the American people as $3.5 trillion. If that were true, it would be more than the GDP of Canada and Mexico combined. However, the real truth is that members of Congress on both sides worked together to cut taxes in this bill, and rather than adapt, Democratic leadership let the total cost grow to $4.3 trillion.”
Feenstra’s motion would have instituted a pause in implementation of any provision of the legislation until Congress is able to make an informed determination about the transitory or non-transitory nature of the current spike in inflation based on analysis from the Congressional Budget Office (CBO), until such time as Congress can certify through the Joint Committee on Taxation (JCT) that no provision of the bill will increase taxes on Americans making less than $400,000 per year, and until such time as committees have held hearings and received CBO cost estimates on the budgetary impact of their respective pieces of the reconciliation legislation.
“The Federal Reserve keeps moving its timeline up to act against the nine month and counting ‘transitory inflation’ that we have been experiencing,” Feenstra continued. “How can Democrats in good conscience flood the economy with at least $4.3 trillion without giving the CBO time to warn us of the consequences?”
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