Senator Roy Blunt, R-Mo., Argued that the United States cannot solve its economic problems by “just depositing money on more money” as he called for a credit cap on child tax in order to fight inflation.
Blunt is considering withdraw by not seeking re-election in 2022, but he plans to make clear his concerns about the economy and how the Biden administration has handled a growing crisis before he leaves. US inflation has hit its highest level in 39 years as consumer prices rise.
Inflation remains one of his main concerns, and Blunt believes the Biden administration and Congressional Democrats have only made the country’s problems worse by spending as much as they can.
“Putting more money into the economy at a time when the economy is overheating, I think that’s a bad idea,” Blunt said on “Fox News Sunday. “” Obviously we want to get people back to work. There are jobs available. People are trying to get people to come and work with them and make the country work economically, but we cannot solve all the problems by just putting money on more money. “
Blunt said the administration had made a “big mistake” in adding massive spending to its program as a way to fight rising inflation – levels he believes the country cannot handle and will continue. to get worse.
“Six point eight percent inflation could turn into something bigger than that, and 6.8% is bigger than what we can handle right now,” Blunt argued.
Blunt specifically challenged spending on the Child Tax Credit, which he and Sen. Joe Manchin, DW.Va. said, “just don’t make sense.”
Currently the tax credit applies to any family with children under the age of 18 whose modified annual gross income (AGI) in 2021 does not exceed $ 150,000 if married and filing a joint return. The upper limit in 2020 was $ 400,000.
“Putting a cap on families in need is what we can do, should be doing and would do in the country, and could do it in a bipartisan fashion,” Blunt said.
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“Families are hurting whether the administration and Congressional Democrats admit it or not,” Blunt added. “This is not a transitory problem, this is a real problem, and now is not the time to make this problem worse.”