A group of Republican senators, led by U.S. Sens. Todd Young (R-IN) and Steve Daines (R-MT), are asking the nonpartisan Congressional Budget Office (CBO) to assess how policies passed during 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.
The letter to the CBO was signed by Sens. Cynthia Lummis (R-WY), Bill Hagerty (R-TB), John Cornyn (R-TX), Mike Crapo (R-ID), Pat Toomey (R-PA), Chuck Grassley (R-IA), John Barrasso (R-WY), Bill Cassidy (R-LA), John Thune (R-SD), Mike Rounds (R-SD), Kevin Cramer (R-ND), James Lankford (R-OK), and Tim Scott (R-SC) – along with Young and Daines.
“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 added.