Self-Inflicted Crises of the Biden Administration
Floor Speech
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Mr. KUSTOFF. Madam Speaker, I thank my friend from Louisiana for arranging the time to talk to the Nation today about these very important issues.
Madam Speaker, I rise today to talk about the reckless spending plans put forward by Democrats, which I think, without a doubt, have put our country in a real economic crisis.
Let me take you back to March when, along purely partisan lines, Democrats pushed through a $1.9 trillion spending plan. Just 2 weeks ago, Democrats pushed through another $1.2 trillion in spending. This week, we may likely vote on the Democrats' social spending plan, which would drive the total spending to almost $5 trillion when you add together all three of these spending bills.
Now, if you will focus for a moment on the runaway inflation that has really been exacerbated and inflamed by this massive spending, it was reported just last week that the Consumer Price Index, which measures this data, rose over 6 percent. That is the highest level in 30 years.
This means that the price of everyday goods has skyrocketed. I am talking about everything: cars, appliances, food, gas. Estimates are that the price to heat your home this winter could be 54 percent higher this year compared to last winter. Americans--our constituents--are getting hit really hard financially, and there is no end to it in sight.
Without a doubt, the huge social spending bill that we may vote on this week will leave severe and long-lasting consequences.
Madam Speaker, I want to point you to a story that ran yesterday in The Washington Times. Here is the headline: ``Biden's social welfare bill breaks pledge to not raise taxes on people making less than $400,000.'' The newspaper cites the Joint Committee on Taxation.
Now, here is the deal: with the social spending bill beginning in 2023, taxpayers making between $50,000 and $75,000 annually would see a tax increase. For people earning between $75,000 and $100,000 a year, the tax increase is 2.9 percent. Folks making between $100,000 and $200,000 per year would see a tax increase of 7.4 percent in 2023.
Madam Speaker, let's listen to our constituents. Let's focus on the real-world problems that they are dealing with every day and that they talk to us about. Let's work on the supply chain. Let's focus on the threat from China. Let's stop this massive spending.
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