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Tags: bill cassidy | reconciliation | inflation | tax

Sen. Cassidy Blasts Dem Reconciliation Deal, Predicts Dire Outcome If Passed

Sen. Cassidy Blasts Dem Reconciliation Deal, Predicts Dire Outcome If Passed
Sen. Bill Cassidy, R-La., speaks to the media at the Russell Senate Office Building on April 29, 2021, in Washington, D.C. ( Stefani Reynolds/Getty Images)

By    |   Sunday, 31 July 2022 11:19 AM EDT

Sen. Bill Cassidy, R-La., on Sunday disputed West Virginia Democrat Sen. Joe Manchin’s defense of a $740 billion reconciliation deal, insisting the measure would raise taxes and gas prices and cause a recession.

In an interview on ABC News’ “This Week,” Cassidy warned the Joint Committee of Taxation points to a dire outcome if the deal is passed.

“According to the Joint Committee of Taxation, taxes will be raised almost $17 billion in the first year on those who are making less than $200,000, and the percent of taxes raised for individuals increases over time for the middle class and the lower income,” he said. “They're raising taxes on people who make less than $10,000, according to the Joint Committee on Taxation.”

“And in terms of lowering the price of fuel, they're going to raise excise tax on the — every barrel of oil by $17 roughly,” he continued. “That is going to increase the price at the pump, increase other fuel-related costs. So much of what they're saying about this bill was not true and those are two examples.”

Most worrisome is that it may cause a recession, he added.

“It may be deflationary by causing a recession,” he said. “They’re interjecting an incredible amount of uncertainty into the economy just as we entered a recession, number one. No. 2, 50% of the taxes on business are on manufacturers.

"I just spoke to a Louisiana manufacturer last week, and he’s just like having to increase wages to attract workers. And now we’re going to increase his taxes as much as we’re going to. Manufacturers can choose to set up in the United States or choose to move to Asia. I think what we’re doing is inducing them to move to Asia. You can have a disinflationary program by causing a recession. I think this is going to lead to a worse recession.”

Cassidy also defended his support of domestic production of semiconductors

If we wish to have a secure industrial base to provide the chips for our fighter jets, for our cars, you name it, we’ve got to have a domestic chip manufacturing,” he said. “This is all about national security. I'm a China hawk. If you're comfortable with China, you don’t mind — you know, this bill, maybe you don’t vote for. If you’re a China hawk like I am, if you’re about national security, by golly you support this bill.”

 

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Sen. Bill Cassidy, R-La., on Sunday disputed West Virginia Democrat Sen. Joe Manchin's defense of a $740 billion reconciliation deal, insisting the measure would raise taxes, gas prices and cause a recession.
bill cassidy, reconciliation, inflation, tax
403
2022-19-31
Sunday, 31 July 2022 11:19 AM
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