Biden's 'Reckless Spending' Causing Rise In US Inflation - Republican Senators

WASHINGTON (UrduPoint News / Sputnik - 16th June, 2021) � US President Joe Biden's authorization of massive Federal government spending since taking office in January is driving the current surge in US inflation levels, Republican senators said on Tuesday.

"The Fed [Federal Reserve] has an $8 trillion balance sheet: Reckless spending is causing this inflation," Senator Rick Scott of Florida told a press conference of Republican senators on Capitol Hill.

Republican Senate Leader Mitch McConnell told the press conference that he wanted to reach an agreement on a massive infrastructure spending bill with Senate Democrats but only if a way could be found to do it without raising either taxes or inflationary pressures.

"I would love to see us get an outcome on infrastructure... Put me down as listening, and [as] hopeful that somehow, some way, we can move forward on an infrastructure bill that does not compromise the 2017 tax bill. We want to go above what the revenue from the gas tax produces to credibly pay for it," McConnell said.

The entire Republican Senate leadership believed that former President Donald Trump's 2017 tax reform legislation was the main contributing factor to producing the best domestic economy in half a century up to 2020 until the COVID-19 pandemic hit, McConnell said.