Congressional Budget Office And Joint Committee On Taxation Confirm High Price, Long-Term Negative Economic Impact

The Congressional Budget Office (CBO) and Joint Committee on Taxation (JCT) have confirmed what other nonpartisan analysts have said: the policies in the Democrats’ tax-and-spend legislation will negatively impact the economy, with economic effects severely worsening when intentions of permanence are taken into account.

“For months, Democrats have been saying they intend for the policies in their social spending bill to be made permanent, yet they’re trying to mask the true cost by frontloading it with inflationary stimulus spending and budget gimmicks,” said Crapo.  “Even with the gimmicks, the bill shrinks the economy, chokes off investment, crushes capital, and loses jobs relative to an economy without the reckless policies.  The desired permanence of these policies is even worse, with CBO, JCT and non-partisan analysts all confirming it will cause significant negative economic effects and ballooning debt.  More spending, combined with job-killing tax hikes, will only accelerate the record-high inflation American families are experiencing every day.”

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Finance Committee Republicans Demand Full, Open Process to Vet Reckless Tax-and-Spend Proposals

Proposals of this magnitude require the due diligence of hearings and markup

Washington, D.C. – U.S. Senate Finance Committee Republicans are demanding a full, open markup to thoroughly and rigorously examine and debate any forthcoming reckless tax-and-spend proposals in the Finance Committee’s jurisdiction.  While the legislation Democrats intend to introduce has been withheld from Republicans on the Committee and from the American people, press reports indicate a far-reaching and potentially highly disruptive agenda, with trillions of taxpayer dollars at stake.  Finance Committee Republicans and the American people deserve an open, thorough process to fully vet legislative proposals and maintain the integrity of standard Senate committee practice.

From the letter:

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