Democratic spending package criticized by Republican lawmakers
Republican legislators strongly criticized a spending proposal approved late on July 27 by Democratic Sens. Joe Manchin and Chuck Schumer, saying it would have the opposite effect and worsen inflation if passed.
Americans have already been crushed by historic inflation under Democratic rule. On Twitter, he wrote, "They want to slap on giant tax hikes that will crush American workers and kill thousands of jobs.". Firstly, they killed your family's budget. Your job is now under threat."
It calls for spending $433 billion over the next ten years, including $369 billion on energy and climate programs and $64 billion on extending federal subsidies for private health insurance for three more years.
Over the next 10 years, the government will accrue trillions in cumulative deficits over the same period, yet the deficits will be reduced by over $300 billion.
A recession-like economy has already been feared since the deal was announced amid news that the U.S. economy grew by 0.9 percent for a second quarter.
28 July 2022