WASHINGTON – U.S. Senator John Boozman (R-AR) joined Kudlow on Fox Business Monday to discuss the historic inflation rates and the nonpartisan Congressional Budget Office’s (CBO) updated analysis on the actual cost of President Biden’s reckless tax-and-spending bill.
Boozman on exposing budget gimmicks in tax-and-spending proposal: “You could go down and listen to the congressional testimony, the debate, as they’ve talked about these things. They’ve always said they want to get these things permanent. As you know the gimmick is that you have the pay-for for over 10 years for the entitlement that lasts only a year. It’s absolutely crazy.”
Boozman on out-of-touch policies of the Biden administration: “Now we’re talking about 6.8 percent inflation. When I go home the business people are talking about labor, they’re talking about supply chains. The regular man on the street is talking about inflation. The fact that his food is going up dramatically, his gasoline. He knows that he’s going to be colder this winter because of a 30-35 percent increase in heating. Those are the things the American public care about. Nobody is asking me to get a check.”
Boozman on inflation’s impact on agricultural producers: “The Green New Deal – that’s going to dramatically increase their fertilizer cost, their input cost with gasoline and diesel, things like that. The other thing they don’t like is the pay-fors. What they were trying to do, and the farm community really rose up, and thanks to you Larry also and people like yourself that really explained what it would do – doing away with stepped-up-basis, dramatically increasing capital gains, getting rid of the 1031 land exchange. The latest thing is when your bank account churns and you get $10,000 all of a sudden it’s going to the IRS, that has lots of people in farm country, lots of people throughout the country very, very concerned.”
Boozman on the Senate Finance Committee tax policy: “They haven’t been specific about anything. They’re going to spend $90-some-odd billion on agriculture. I’m actually the Ranking Member on Agriculture. We’ve had no hearings. No Republican has been involved. The same is true of Finance and all the other committees, so that also is a huge problem in itself.”
Boozman on rejecting raising the debt ceiling: “What we haven’t talked about is that Democrats have already spent $1.9 trillion on the so-called covid package and lot of it doesn’t start getting spent until 2023. You’ve got $1.9 trillion, you’ve got this other $5 trillion of spending. Republicans basically said if you’re going to spend that money then you need to raise the debt ceiling. You need to increase it to $2.5 trillion or whatever it’s going to be, not Republicans. I bought into that. I agreed with that, and as a result did not vote for the bill.”