WASHINGTON – U.S. Senators Tim Scott (R-S.C.) and Steve Daines (R-Mont.), members of the Senate Committees on Finance and Banking, along with a group of their colleagues, sent a letter to the nonpartisan Congressional Budget Office (CBO) demanding a swift and thorough assessment of the short- and long-term effects of the Democrats’ reckless spending and inflationary policies on the nation’s fiscal future.
“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 Scott and Daines were joined by Senators Cynthia Lummis (R-Wyo.), Bill Hagerty (R-Tenn.), John Cornyn (R-Texas), Mike Crapo (R-Idaho), Pat Toomey (R-Pa.), Chuck Grassley (R-Iowa), John Barrasso (R-Wyo.), Bill Cassidy (R-La.), John Thune (R-S.D.), Mike Rounds (R-S.D.), Kevin Cramer (R-N.D.), Todd Young (R-Ind.), and James Lankford (R-Okla).
Read the senators’ full letter sent to the Congressional Budget Office here.