Republicans must immediately address President Joe Biden's "runaway" spending to get inflation under control, Rep. Bryan Steil told Fox News' "Sunday Morning Futures."
The Wisconsin Republican said that when the GOP takes control of Congress this week, it must "address the runaway spending here in Washington to allow inflation to come down so families can afford the things that they need."
Steil, a House Financial Services Committee member, said, "The monetary policy passed under two years of Democratic one-party control is the driver of all of this. The Fed is simply reacting to the fact that trillions and trillions of new spending has come out of Washington over the course of the last two years."
He added that spending is only one of the "horrible policies that have come forward over the course of the last two years here in Washington," with inflation also being caused by "the attacks on energy we have seen under the Biden administration," such as "on day one, the Biden administration killed the Keystone XL pipeline."
He added, "What we've seen this administration do is drive forward a radical Green New Deal agenda, and the results are American families paying more to fill up their cars with gas but also to heat their home and now buy groceries."
He explained that is "because often it is a diesel tractor that is in the field harvesting; it's a diesel truck that's bringing those goods to your grocery store. And so it takes a long time for these jobs to come online."
Steil said, "What we need to do is unleash American energy. And we need to get the spending under control, because I am very concerned that the Federal Reserve is going to hit the brakes even harder and that is a draconian impact on the American people."
The congressman added, "Wages aren't keeping up with inflation, so every month that goes by, American families feel themselves falling further and further behind."
He said that a dramatic change is needed, because the current situation is that "the Federal Reserve is raising rates to try to hit the brakes on the freight train that is your government in Washington, D.C., spending your money and driving us further into debt. And the further that the Democrats have spent us into the oblivion, the harder the brakes are that are going to be pulled by the Federal Reserve."
Brian Freeman ✉
Brian Freeman, a Newsmax writer based in Israel, has more than three decades writing and editing about culture and politics for newspapers, online and television.
© 2024 Newsmax. All rights reserved.