Washington, D.C. – The U.S. Chamber of Commerce today sent a letter to Members of Congress, requesting they seek a complete accounting of the budgetary and economic impacts of the current reconciliation bill.
“We have the highest inflation in 31 years, employers are struggling to fill a record number of job openings, and the current draft of the reconciliation bill uses gimmicks to cover up well over $1 trillion in spending. It would be the height of irresponsibility for Members of Congress to vote on this multi-trillion-dollar tax-and-spend bill with no clear understanding of its true cost or the real-world impact of the policies,” said U.S. Chamber Executive Vice President and Chief Policy Officer Neil Bradley.
It is impossible to have an accurate understanding of the budgetary and economic implications of this legislation without an analysis of:
- What is the impact of the legislation on near-term inflation, especially given that so much of the spending and tax cuts will occur in the next two to five years?
- What is the impact of the legislation on workforce participation, especially given the large amounts of transfer payments that are not connected to work?
- What is the true cost of the bill if you do not include the arbitrary sunsets of tax and spending provisions that are clearly intended to be permanent?
- What impact will these arbitrary sunsets, especially with childcare and pre-K, have on state governments and the private sector?
See the letter here or in the Download link above.
