Education and Labor Committee Republican Leader Virginia Foxx (R-NC) issued the following statement after the nonpartisan Congressional Budget Office (CBO) issued a report confirming that Democrats’ $1.75 trillion spending spree will cost far more than Democrats let on:
“The CBO report has confirmed what we already expected—Democrats have been hiding the true cost of this monstrosity. The American people are concerned about the national debt, our exploding federal deficit, and skyrocketing inflation. Yet Democrats are pushing forward, full steam ahead—disastrous consequences be damned.
“Democrats have been trying to make this legislation out to be our economy’s lifeline, but in reality it will be a death knell to prosperity and opportunity in our country. Our debt to GDP ratio is already at 128 percent. If Democrats keep spending trillions of dollars at a time, this number will shoot even further off the charts. This year alone our country will pay $300 billion in interest on the national debt. This is nine percent of all federal revenue. This kind of spending is unsustainable, yet Democrats can’t seem to stop.
“The Constitution entrusts the House of Representatives with the power of the purse and the American people trust us with their tax dollars, but Democrats are abusing that trust by spending our country into bankruptcy. In fact, the Democrat Party doesn’t seem to care about the devastation this will create and how the American people will be left to suffer the consequences.
“Instead of building back better this bill breaks our nation’s bank and the American worker’s back.”