Senate Passes $1.7 Trillion Spending Bill, No Help to Inflation Reduction

The Senate today voted to pass a $1.7 trillion omnibus package to fund the federal government through September next year. CEI Senior Economist Ryan Young predicts big government spending won’t help solve an urgent problem: inflation.

Statement by Ryan Young:

“Inflation remains America’s top economic problem. Adding another $1.7 trillion to federal spending is not going to help. While neither Congress nor the president can have much effect on the inflation rate, they are making the Federal Reserve’s job harder than it needs to be. Rising interest rates are making everything from mortgages to federal debt itself more expensive, and Washington’s serial spending binges are partially to blame.”