President Joe Biden’s trillion-dollar spending plan took another blow Wednesday when the Bureau of Labor Statistics reported inflation rose to 6.2% in October, a 30-year high.
With the vast majority of voters already saying they believe another Biden spending bill will lead to more inflation, centrist House Democrats have pinned their votes on a Congressional Budget Office score of Biden’s spending bill they hope will show it does not add to the deficit.
House Ways and Means Republican Leader Kevin Brady predicted this morning the CBO score would show Biden’s bill adds to the debt:
Brady is most likely right. The biggest revenue raiser in the Biden spending bill is actually more spending for the IRS. The Biden administration believes that spending billions more on the IRS can collect $400 billion more in taxes on net. It is highly unlikely the CBO shares the view.
A majority of voters already say they will vote against their representative if they vote for Biden’s trillion-dollar spending bill. A CBO score showing the legislation will add to the debt will only drive that number higher.
