Chairman Smith: Consequences of Democrat Spending Spree Spur Americans' Suffering

Press Release

"For the tenth time in just over a year, Democrats' reckless spending has forced the Federal Reserve to hike interest rates to fight President Biden's inflation crisis. This latest hike -- to the highest rate in 16 years -- further increases the chance of a recession and makes it more difficult for working- and middle-class Americans -- already feeling the pain of higher prices at the store -- to afford a home or a car. It will make it that much harder for small businesses -- already struggling to compete in an economy where too many potential workers are sitting on the sidelines -- to get a line of credit to keep their business operating. This is what happens when Democrats spend trillions of taxpayer dollars without any regard for the downstream economic effects on working families and small businesses.

Even before this most recent rate hike, another U.S. bank failed just this week. Americans are not living in the vibrant economy President Biden and Democrats tell themselves they've created. Americans are living in a reality hand crafted by failed Democrat policies of reckless spending and higher debt. President Biden should take this latest rate increase as a sign it's past time to work with Republicans to get our nation's fiscal house in order by reining in spending and strengthening the economy."

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