Taxes will likely have to go up so that the United States government can pay for the "enormous debt" it is accumulating through multi-trillion-dollar coronavirus stimulus packages, Rep. French Hill said Monday.
"I think the biggest concern about the $1.9 trillion is its size," the Arkansas Republican said on Fox Business' "Mornings With Maria." "It needs to be targeted. I think senators are working on targeting. In the House, we don't have any control over that process, although we are going to try as we mark up the bill over the next couple or three weeks."
He noted that Larry Summers, a former economic adviser for Presidents Bill Clinton and Barack Obama, has said the $1.9 trillion bill is too much spending, in connection with the $900 billion bill that was recently approved, as it could create inflation.
"Ever since I've been in Congress for six years, I've seen very little attempt at balancing budgets," said Hill. "We're going to face the piper with this enormous debt that we're accumulating. It can't be masked forever by zero interest rates, which is masking the effects of the stimulus on the fixed market and the federal deficit."
And that will result in Democrats carrying out their promises of raising corporate and federal income tax rates on Americans, which will be bad for the economy in the long run because "we worked for years to make the economy competitive."
Hill also criticized Biden for his remarks about being competitive with China without the relationship being combative.
"He wants to be focused on the rules of the road," said Hill. "That's the whole problem. China, for three decades, doesn't play by the rules of the road. They don't play that way on intellectual property protection, they don't play for that way in opening the markets, they don't play for it that way in the safe transit of the South China Sea militarily and they don't honor each other's territorial rights and they certainly are predatory in their debt practices in the Third World."
Sandy Fitzgerald ✉
Sandy Fitzgerald has more than three decades in journalism and serves as a general assignment writer for Newsmax covering news, media, and politics.
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