Murkowski: Latest Numbers Show Dangers of Reconciliation Spending Spree
U.S. Senator Lisa Murkowski (R-AK) today released the following statement after the Bureau of Labor Statistics (BLS) and Congressional Budget Office (CBO) released reports showing the harm being caused by the Biden administration’s energy and social spending policies. BLS reported that inflation is at a 39-year high, while CBO projected that the ‘Build Back Better’ agenda would add $3 trillion to the deficit over a single decade if made permanent.
“These reports make it abundantly clear that President Biden is on the wrong track,” Murkowski said. “Instead of completely blowing the roof off of federal spending, the Biden administration should set aside this partisan social spending agenda and focus on allowing the energy industry to produce more here at home. That would help families and businesses by reducing inflation and bringing prices back to more reasonable levels. It’s time to stop pumping air into the balloon instead of seeing how much more it can take before it explodes.”
BLS reported that the Consumer Price Index for All Urban Consumers increased by 0.8 percent in November 2021. The inflation index has risen by 6.8 percent over the past year – the largest annual increase since 1982 – and by an annualized rate of 8.9 percent over the past three months. Energy commodity prices have risen by 57.5 percent over the past 12 months, contributing significantly to economy-wide inflation, as the administration has refused to approve major projects and called for punitive policies that will further reduce domestic output.
CBO reported that extending provisions within the Build Back Better Act – the partisan budget reconciliation package passed by the House and now pending in the Senate – would increase the deficit by $3.0 trillion over a decade if extended for that duration. Setting aside timing gimmicks within the current bill that hide its true costs, CBO found the package would cost a staggering $4.9 trillion over a 10-year period.