October 27, 2022

Young, Colleagues Seek Nonpartisan Assessment of Democrats’ Policies on Soaring Inflation

WASHINGTON – U.S. Senators Todd Young (R-Ind.), Steve Daines (R-Mont.), and a group of Senate colleagues today sent a letter to the nonpartisan Congressional Budget Office (CBO) requesting a thorough assessment of how the spending and inflationary policies passed by Washington Democrats since the beginning of the Biden Administration will affect the nation’s fiscal future in both the short- and long-term.


“We write to obtain CBO’s assessment of the effects of rapid acceleration of interest rates on net interest costs of servicing the $31-trillion-plus, and growing, federal debt, and effects of the runaway 40-year high consumer price inflation that has been hammering American families and eroding workers’ paychecks,” the senators wrote.


“Given the upcoming two-day meeting of the Federal Open Market Committee on November 1st and 2nd, at which it is widely expected that the Federal Reserve will raise interest rates by at least 75 basis points, please reply as soon as possible after November 2nd so that lawmakers and the public can be equipped with the most accurate data possible when making policy decisions,” the senators continued.


Senators Young and Daines were joined by Senators Lummis (R-Wyo.), Hagerty (R-Tenn.), Cornyn (R-Texas), Crapo (R-Idaho), Toomey (R-Pa.), Grassley (R-Iowa), Barrasso (R-Wyo.), Cassidy (R-La.), Thune (R-S.D.), Rounds (R-S.D.), Cramer (R-N.D.), Lankford (R-Okla.), and Scott (R-S.C.).


To read the full letter, click here.