Biden adviser points to spending package as solution to inflation
National Economic Council Director Brian Deese on Sunday pointed to the Democrats’ social spending package as a solution to rising inflation in the U.S.
Asked by co-host Jake Tapper on CNN’s “State of the Union” how the White House plans to address inflation, Deese touted the party’s social spending package as a way to lower costs for Americans across the nation.
“Inflation is high right now, and it is affecting consumers in their pocketbook and also in their outlook for the economy. But those concerns underscore why it’s so important that we move forward on the Build Back Better legislation,” Deese said.
“This, more than anything, will go at the cost that Americans face,” he added.
The Labor Department sent shockwaves throughout the U.S. when it released new data last week showing that annual inflation has reached a 30-year high.
Deese said Sunday that the spending package, which Democrats are still negotiating on Capitol Hill, would help lower prices for prescription drugs, child care and homeownership, all of which he argued would “go right at lowering costs for American families.”
“This will lower prescription drug prices, put a cap on prescription drug costs for our seniors. Child care, not only a big cost driver for families but a big impediment for more parents and women to get back into the workforce. This bill will cut the cost of child care by more than half for most working families. And housing, too, a big cost driver for families. This bill will build affordable homes all around the country to make it easier for families to afford housing and also to move to places where the job opportunities are,” Deese said.
He also underscored the claim from the White House that the bill “is fully paid for” by increasing taxes on the highest earners in the U.S.
As a result, Deese said the bill would not “add to inflationary pressures.” He said it would be “quite the opposite because we’re going to pay for everything in this bill by raising taxes on big companies, large corporations and the highest-income Americans.”
“There’s an urgency to act,” Deese added.
He also said the House is planning to consider the bill this week.