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Mr. ROSE. Madam Speaker, I thank my colleague from Florida for yielding to me tonight. And in fact, Putnam County is my home county.
Madam Speaker, Tennesseans and Americans throughout the country who are already hurting from higher prices, widespread shortages, and fewer choices believe President Biden's Build Back Better agenda will cause inflation to skyrocket even further.
This social spending scam breaks President Biden's zero-cost promise. Contrary to what President Biden and his far left Democratic allies have consistently maintained, this bill is not fully paid for. In fact, it is not even close.
According to the nonpartisan Congressional Budget Office, the CBO, it is expected to add $367 billion to the national debt. That is a massive amount of deficit spending that our children and grandchildren will have to pay back, but it doesn't even begin to tell the whole story. The Democrats used a long list of budgetary gimmicks to artificially lower the CBO score spending number of $367 billion.
The highly respected Wharton School of Business performed their own expert analysis without budget gimmicks, and they found that the actual amount of deficit spending from Biden's socialist Build Back Better legislation will, in fact, add over $300 billion to the national debt.
Americans all across the country and from all walks of life can sense how bad this bill is going to affect our economy and add to our already sky-high inflation rate.
Democrats' Build Back Better bill is not just extraordinarily costly, it is also destructive. To put it simply, as radical as this tax-and- spend spending spree is, other aspects of this bill are just as bad. While far left Democrats and Speaker Pelosi proudly revel in the passage of this bill, it is clear they have no connection to the needs and wants of the hardworking Tennesseans whom I represent, nor the majority of Americans across the country.
As my colleagues and I have covered, the provisions within this bill amount to a wish list of far left socialist policies that will have devastating consequences on American businesses, households, and families.
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