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American Rescue Plan Act of 2021

Floor Speech

Date: March 10, 2021
Location: Washington, DC
Issues: Government Operations Health and Health Care Economy and Fiscal

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Mr. FEENSTRA. Mr. Speaker, I rise in opposition to this reckless spending bill.

On Monday, the Congressional Budget Office announced the Federal deficit has already exceeded $1 trillion in the first 5 months of fiscal year 2021.

Spending this year is already up 25 percent, and this massive spending bill adds another $1.9 trillion to our deficit.

We are currently enjoying low interest rates, but out-of-control spending will lead to inflation. In this current year, inflation has already increased by 3 percent. Inflation leads to interest rate hikes. For example, in the 1980s, the Federal Reserve raised interest rates by 20 percent.

The debt is already at $28 trillion. So higher interest rates will cause a catastrophic death spiral.

This bill does not rescue our country. It literally puts us in peril.

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