CBO estimates revealed that the bipartisan infrastructure bill will add billions to the already huge federal deficit.
The Congressional Budget Office recently estimated that the infrastructure bill will add $256 billion to the federal deficit over the next 10 years.
Although the CBO’s analysis revealed that direct spending would decrease and revenues would increase, it also found that discretionary spending (non-essential spending) would increase by about $415 billion over the next decade. The bill would authorize $550 billion of new spending.
“This infrastructure bill spends an enormous amount of money,” Utah Republican Sen. Mike Lee said. “This at a time when Americans are feeling the pinch of inflation, precisely because of the pace at which we have been spending money.”
Unfortunately, over a dozen Republicans backed the infrastructure bill, despite its threat to the federal deficit.
New analysis from @Wharton exposes the reality of this “infrastructure” bill.
It raises taxes & increases debt, fueling Biden’s inflation crisis that’s causing prices to surge & hurting families. All that with ZERO economic benefit. (h/t @SenatorBraun) https://t.co/qwi4qEU8e5 pic.twitter.com/TBLSMIX9Sb
— Rick Scott (@SenRickScott) August 5, 2021
Meanwhile, Democrats are still attempting to pass a reconciliation package totaling as much as $3.5 trillion.
As Americans already struggle with inflation due to Biden’s excessive spending habit, we are facing even higher prices and a worse economy. We must urge fiscally responsible conservatives to oppose further spending so that massive spending bills like this are no longer even a consideration. Our economic well-being depends upon it.