Biden Bailout Bill Spending Continues to Flow and Threaten Higher InflationWASHINGTON, D.C. – Starting this week, 30 states are eligible to receive the second tranche of funding from President Biden’s American Rescue Plan worth $105 billion. This massive injection of spending comes as new inflation data released this week shows price increases continuing at a forty-year high and as states have enjoyed record budget surpluses with total revenues growing by nearly 18 percent last year.
“This $105 billion tranche from the President’s bailout bill – the bill that sparked the inflation crisis – will only add more fuel to the Democrats’ inflation fire. Americans are watching billions of their hard-earned tax dollars being funneled to cash-rich states to pay for wasteful projects, while they struggle to make ends meet and provide for their families. President Biden’s continued attempts to spend his way out of inflation shows that he has no plan to address the high prices hurting Americans. From the beginning, Republicans predicted that the Biden Bailout Bill would ignite inflation – and after a 11 percent increase in consumer prices since Joe Biden took office, we were sadly right.,” said House Budget Committee Republican Leader Jason Smith (MO-08).
- State coffers are overflowing with tax revenue: In 2021, 45 states saw an increase in tax revenue; 24 states saw increases of more than 20 percent.
- Biden’s Bailout Bill left a massive trail of waste: In the 14 months since the Biden Bailout Bill was signed into law, House Budget Committee Republicans have compiled numerous examples of billions of tax dollars wasted, misused, and abused on projects such as:
- $40 million on libraries in Delaware
- $20 million for modernizing fish hatcheries in Maine
- $400 million for state parks in Michigan
- $15 million to upgrade a sports complex in New Jersey
- $783 million in stimulus checks to convicted prisoners
- Biden’s Bailout Bill ignited inflation: Inflation has risen 11 percent since Joe Biden took office. According to a study from the San Francisco Bank of the Federal Reserve, government spending is the culprit for the explosive spike in prices the American people are facing.
- More examples of misspending and abuse in the Biden Bailout Bill
- American Rescue Plan 1-Year Review
- Letter from House Budget Committee Republican members to Chairman Yarmuth (KY-05) requesting an oversight hearing on spending from the Biden Bailout Bill
- Letter from Republican Leader Smith, House Ways & Means Committee Republican Leader Kevin Brady (TX-08), and House Energy & Commerce Committee Republican Leader Cathy McMorris Rodgers (WA-05) to President Biden demanding answers on the waste, fraud, and abuse uncovered in the Biden Bailout Bill.