Former CBO Director: Democrat Spending Bill Will Have ‘Zero Impact’ on Inflation Outlook

Appearing Tuesday on the Fox Business Network’s Cavuto: Coast to Coast, former Congressional Budget Office Director Douglas Holtz-Eakin said the Democrats’ latest spending bill will have “zero impact” on the United States’ inflation outlook.

A transcript is as follows:

NEIL CAVUTO: When the [Biden] administration talks about pairing deficits over the next ten years, I think they’re talking about $300 billion over ten years so let’s round it out to about $30 billion a year, of course we’ve been running trillion-dollar deficits so it’s kind of in the eye of the beholder, do you believe even that the current CBO seems to have doubts about near-term that’s it’s going to measure up. What about you?

DOUGLAS HOLTZ-EAKIN: That’s going to have zero impact on the inflation outlook. By the way, they’ve already spent money that offsets that. They passed the $300 billion deficit finance CHIPS and Science Act, they passed an up to $600 billion increase in veterans benefits in the PACT Act, they have continued to do what Congress does: spend and borrow. This bill will have zero impact on the inflation outlook.