Hoeven: Democrats' Reckless Tax and Spending Bill Will Worsen Inflation & Is Wrong for America

WASHINGTON – Senator John Hoeven issued the following statement today after voting against the Democrats’ $740 billion tax and spending bill. Hoeven introduced numerous amendments during consideration of the bill, including to combat inflation, forcing Democrats to choose between policies that will actually reduce inflation and the bill’s pro-inflation tax and spending policies. Earlier this week, Hoeven spoke on the Senate floor and called on his colleagues to reject this legislation. 

“New energy taxes and Green New Deal-style subsidies will worsen our current energy crisis and weaken our nation’s economic and national security,” said Hoeven. “We need to unleash our domestic energy production and get our debt and deficit under control, while positioning our farmers and ranchers to continue to produce the highest quality lowest cost food supply in the world. We need to provide real, meaningful price relief to the American people but this bill that the Democrats pushed through using the budget reconciliation process doesn’t do that, instead it increases taxes and spending.”

Specifically, Senator Hoeven introduced an amendment to combat inflation and prevent the bill from going into effect until the inflation levels for groceries, gasoline, diesel, home heating oil, and housing all go below January 2021 inflation levels. Hoeven’s amendment was blocked by Democrats.

Hoeven also introduced an amendment calling for immediate lease sales for onshore oil and gas production on federal lands to help increase domestic oil production and provide meaningful price relief for American consumers. As a contrast to the Democrats’ tax and spend bill, Hoeven introduced amendments to actually reduce inflation and spending.