Political Quotes

“I know there has been a lot of work by Members on both sides on the CHIPS Act. Mr. McCaul on our side, through the China Task Force, put out a number of recommendations. The CHIPS Act was one of them. Of course, one of the concerns we are seeing, as that bill continues to be negotiated in the Senate, it is not being negotiated more narrowly, it is being loaded up to the point where we are hearing numbers of well over $100 billion in unpaid-for new spending as part of that bill. As we talk about inflation, any economist will tell you, inflation is too much money chasing too few goods, and if we already acknowledge there are too few goods, to put another $100-plus billion, maybe $150 billion--it keeps growing every day--of borrowed money, none of that-- they are not prioritizing existing money. Everything we are hearing is all of it would be completely borrowed money. Next week, we are hearing the Fed is going to raise interest rates maybe up to another point, and that is without $100-plus billion of additional debt being added on. If the Fed is telling us that the spending is leading to higher interest rates, which makes it harder for low-income families to buy their first home, for people to maybe expand their business where they can hire more people to go and meet the needs of the supply chain, they won't be able to do that if interest rates keep going up.…”