WASHINGTON, D.C. – Having begun the 117th Congress by passing a $2 trillion spending bill and sparking the worst inflation crisis in 40 years, Washington Democrats are ending their reign of one-party rule today by pushing another $2 trillion spending bill.
The Democrats’ LATEST $2 Trillion Spending Bill:
- 9 percent ($131 billion) increase in base discretionary spending over FY 2022 – on top of the 7 percent increase in spending Democrats enacted last year.
- $20 billion above President Biden’s FY23 Budget request.
- Adds $1.5 trillion to the spending baseline over the next decade.
- Adds an additional $260 billion to the nation’s debt by waiving the Democrats’ own Pay-As-You-Go law to punt responsibility for the past two years of reckless spending down the road.
House Budget Committee Republican Leader Jason Smith (MO-08) joined Fox Business’ Varney & Co. this morning to discuss today’s vote on the Democrats’ end-of-the-year spending spree and the impact of one-party Democrat rule on American families this Christmas.
Click here or on the image above to watch the full interview.
“One-party Democrat rule, White House, House, and the Senate – they started this Congress spending $2 trillion with their first reconciliation package. Their ending this Congress spending another $2 trillion. That first package is what sparked the inflation fire that has increased the cost of goods for every American across this country. In fact, to the highest cost increase in goods in forty years…When we had budget caps from 2011 to 2021, spending increased 2 percent every year. Since those budget caps ended, the Democrats in the last two years now have increased spending more than 16 percent just to keep the lights on, not counting the more than $10 trillion – with a ‘t’ – of increase of new spending that they’ve spent outside of just the regular funding process. That is why everyone is going to be having a blue Christmas. That’s why it’s costing every American more to just buy the Christmas tree, put the presents underneath the Christmas tree, put food on that table, and drive to their Christmas events. It’s causing a lot of struggles for working-class Americans.”
Democrats’ Spending Agenda
In his first 20 months in office, President Biden spent more than any other president in U.S. history. Under one-party Democrat rule, spending has increased by over $10 trillion, including:
- $2.5 trillion increase in interest payments on the growing federal debt.
- $1.9 trillion American Rescue Plan Act.
- $745 billion Inflation Reduction Act.
- $1+ trillion on Biden’s Executive Actions.
- $625 billion Infrastructure Investment & Jobs Act.
Consequences of Democrat Spending
The highest spike in prices coupled with the fastest increase in interest rates in 40 years.
- Inflation is at a 40-year high of 7.1 percent.
- Inflation has increased 14.3 percent since President Biden took office.
- Real wages have decreased 3.8 percent since President Biden took office.
- To combat the President’s inflation crisis, the Federal Reserve raised interest rates this month, the seventh rate increase since March.
- In total, the federal funds rate has risen by 4.25 percent, the fastest rate hike in 40 years and larger than the last 15 years combined.
- When President Biden took office, the Congressional Budget Office predicted interest rates would not increase until 2024.
- Interest payments on the federal debt reached $103 billion over the months of October and November – an 87 percent increase over the same period last year.