Twenty-two Republican governors blasted Democrats’ push for a compromise spending bill as “another reckless tax and spending spree” after Sen. Joe Manchin struck a deal with his leadership.
“The Democrats’ solution to 40-year high inflation is to pass yet another reckless $740 billion tax and spending spree, affecting Americans in every tax bracket.” declare yourself the group of 22 Republican governors, led by South Carolina Governor Henry McMaster and Georgia Governor Brian Kemp;
“While they deny the recession, Democrats want to raise taxes on businesses and manufacturers, which will impose higher costs on consumers, exacerbate inflation and exacerbate shortages,” the group continued.
Last week, the federal government reported that Gross Domestic Product (GDP) contracted by 0.9% in the second quarter of 2022, signaling that the economy is entering a recession.
In fact, mortgage debt rose 1.9 percent this past quarter as the housing market continues to soar due to the pandemic, and the Consumer Price Index rose 8.6 percent in the quarter compared to a year earlier -the biggest increase since the fourth quarter of 1981. The team explained:
With high prices at the pump, the last thing Americans need is Democrats punishing energy producers, which will ultimately hurt working families struggling to pay for gas, goods, food and utilities. Our citizens cannot afford Joe Biden’s broken tax promises and the Democrats’ inflationary spending that will only worsen the financial crisis they created.
The other 20 Republican governors who signed their names to the statement were: Kay Ivey of Alabama, Doug Ducey of Arizona, Asa Hutchinson of Arkansas, Ron DeSantis of Florida, Brad Little of Idaho, Eric Holcomb of Indiana, Kim Reynevese Missouri of Iowa, Missuris of Iowa Reynolds. Greg Gianforte of Montana, Pete Ricketts of Nebraska, Chris Sununu of New Hampshire, Doug Burgum of North Dakota, Kevin Stitt of Oklahoma, Kristi Noem of South Dakota, Bill Lee of Tennessee , Greg Abbott of Texas, Greg Abbott of Texas and Utah Gordon Gordon Utah.
The Inflation Reduction Act, the spending bill that Democrats are now trying to pass, was found by the Congressional Budget Office to reduce deficits years from now, after increasing them in four of the next five years.
John Carney of Breitbart News wrote on Wednesday:
The Inflation Reduction Act, which nonpartisan analysts say will not reduce inflation, would shrink budget deficits by $101.5 billion between this year and 2031, according to the Congressional Budget Office he said in Wednesday’s estimation.
Between this year and 2027, however, the budget deficit will increase by $24.6 billion. The nonpartisan budget analysis service sees the deficit shrinking next year as the new tax provisions kick in, then higher every year until 2028.
The shift is due to expectations about the timing of when drug pricing changes will take effect. The 10-year cost is also reduced by the sunset of some of the spending provisions, which has been attacked by Republican lawmakers as a ploy to hide the true cost of the bill.
Rep. Jason Smith (R-MO), the ranking member of the House Budget Committee, also released a briefing saying the bill would add more fuel to the “fire of inflation” by using fiscal gimmicks that sunset to hide the true cost Manchin’s supposed deficit reduction bill.
Jacob Bliss is a reporter for Breitbart News. Write to him at firstname.lastname@example.org or follow him on Twitter @JacobMBliss.