U.S. SENATE — U.S. Senator Steve Daines today made the following statement after the U.S. House of Representatives passed a multitrillion reckless tax and spending spree bill that will increase the deficit by nearly $800 BILLION over five years, according to the nonpartisan Congressional Budget Office. The bill will significantly exacerbate the current inflationary crisis and raise taxes on Montana families, workers and small businesses.
“The Democrats are pushing their far-Left socialist wish list through Congress without a care in the world about how it will affect Montana families, small businesses and workers,” Daines said. “President Biden and the Democrats’ reckless tax and spending spree is socialism on a runaway train that will increase the national debt by hundreds of billions of dollars and set off a hyperinflation bomb that will make the sky-high prices Montanans are already facing even higher. Montana families and businesses cannot afford to pay for the liberal elites’ radical agenda, and they shouldn’t have to. It only takes one Senate Democrat to help stop this spending madness from happening, and I can think of one from the great State of Montana who should join me.”
According to an analysis of the bill from the Committee for a Responsible Federal Budget:
- There is a troubling use of expirations and arbitrary sunsets to reduce reported costs.
- Making temporary parts of this tax and spend bill permanent would double its cost to nearly $5 trillion. If these extensions were all enacted without offsets, Congress would ultimately add $3 trillion to the debt.
Part of the Democrats’ massive tax & spending spree bill will:
- Set off a hyperinflation bomb. Montanans are already facing skyrocketing prices on everything from gas, groceries, energy and cars; injecting trillions of new spending into the economy will exacerbate the problem.
- Raise taxes by more than $400 billion on small businesses, which will reduce job growth and lower wages for Montana workers.
- Cut taxes for the rich with $285 billion in tax cuts for the most wealthy—the second-most expensive piece of the bill.
- Supersize the IRS by spending over $80 billion to add over 80,000 new IRS agents to assert more control over the lives and finances of Montanans.
- Mandate taxpayer funding for abortion-on-demand despite Americans being overwhelmingly opposed to this concept.
- Fork over hundreds of billions in green subsidies to advance Bernie’s radical Green New Deal initiative that will destroy Montana jobs and leave families with higher gas and energy prices.
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Contact: Katherine McKeogh, Katie Schoettler