May 27 2021
WASHINGTON – Sen. John Kennedy (R-La.) today issued the following statement in response to the Congressional Budget Office’s (CBO) estimated cost of Sen. Chuck Schumer’s (D-N.Y.) Endless Frontier Act, which would increase the U.S. deficit by $53.5 billion over the 2021-2031 period.
The $53.5 billion is emergency spending, which waives the requirement that Congress find a way to pay for the funds as it spends them. There is no offset for this spending. In addition, the bill would authorize another $191 billion in future spending.
“America doesn’t have the money to pay for the Endless Spending Act, so here’s what this deficit spending means: Senate Democrats are asking their colleagues to borrow money from China to fund projects that add precious little to our military defense or economic competitiveness against China.
“Democrats are asking us to open the door to sinking another $190 billion deeper in debt to China. Democrats voted down the Republican amendment that would block the Treasury from sending U.S. dollars straight to genocidal regimes like China. This bill isn’t anti-China, but it is pro-spending. This bill would do the Chinese Communist Party a favor by further crippling American taxpayers with debt owned by China. China is a bad actor, and this is a bad bill,” said Kennedy.