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Tags: Newsmax TV | obernolte | spending bill | inflation

Rep. Obernolte to Newsmax: Dems' Spending Bill Will Bring Dangerous Inflation

(Newsmax/"National Report")

By    |   Tuesday, 26 October 2021 01:59 PM

The Democrats' massive reconciliation spending bill, once passed, will spur dangerous levels of inflation, and that is what's being wrestled with politically, Rep. Jay Obernolte said on Newsmax Tuesday. 

"Any economist will tell you that increasing deficit government spending is dangerously inflationary," the California Republican said on Newsmax's "National Report." "People in my district are paying $20 more to fill up their gas tanks to go to work today than they were a year ago."

The final cost of the spending bill, which is expected to come in at far less than its $3.5 trillion price tag, will just add to the federal money that's been spent this year and last, Obernolte added. 

"Should this bill be enacted, we will have spent more new federal money in the last 18 months than the combined wages of every single American put together," he said. "That's an incredible fact.

"And I think that what's being wrestled with politically here is the fact that people are already suffering the effects of inflation."

Meanwhile, nobody is seeing the contents of the spending bill, but President Joe Biden is promising that the taxes involved, plus other measures, will pay for it. 

"I say prove it," said Obernolte. "The way that you prove it is that you put the bill in print, and then you let the congressional budget office score the bill." 

At that point, Americans will know if the money is there to pay for the legislation, he continued. 

"It strains credibility at this point to think that the bill's packages are paid for but that's my response to the administration," said Obernolte. "That's my response to the administration. If you say it's paid for, then prove it."

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The Democrats' massive reconciliation spending bill, once passed, will spur dangerous levels of inflation, and that is what's being wrestled with politically, Rep. Jay Obernolte said on Newsmax Tuesday...
obernolte, spending bill, inflation
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2021-59-26
Tuesday, 26 October 2021 01:59 PM
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