Infrastructure Bill Would Add $256 Billion to Deficit, Analysis Finds
At least one moderate Democrat, Senator Joe Manchin III of West Virginia, has said he is concerned about inflation; On Thursday, Mr Manchin wrote a letter to Federal Reserve Chairman Jerome H. Powell, saying: ‘It’s time to make sure we don’t over-prescribe the patient by further stimulating an already strong recovery and therefore risking our ability. to respond to future crises. “
Republicans have also said they will not support a move to raise the debt ceiling, which the Treasury Department said was technically reached earlier this month. The department is taking what it calls “extraordinary measures” to avoid raping him, but it is expected to happen in October without Congress taking action to relieve it.
Some Republicans have hammered infrastructure legislation for its budget gimmicks, arguing that they far outweigh the merits of the spending.
“If we weren’t going to provide real ‘pay-for’ then we should just have seen an admission from them up front: ‘We’re not going to pay for this,'” said Senator Mike Lee, Republican of Utah at a press conference Wednesday. “Instead, they said it was going to be paid for, then they post it and say it is paid – only there are a few asterisks next to it.”
After the report was released, Sen. Rick Scott, Republican of Florida and chairman of his party’s Senate campaign committee, said that if he supported infrastructure investment, he feared the bill would fuel the ‘inflation.
“We cannot afford this reckless spending,” Scott said.
In a presentation released Thursday, the Congressional Budget Office detailed its recent projection that the federal budget deficit will reach $ 3 trillion this year and average $ 1.2 trillion a year through 2031.
The Biden administration has argued that due to low interest rates, debt is manageable.
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