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Washington, D.C. – House Republican Leader Kevin McCarthy (CA-23) released the following statement in response to President Biden’s address to a joint session of Congress:

“The American economy, currently in an ongoing recovery thanks to Operation Warp Speed and the continuing success of the Tax Cuts and Jobs Act, is on the verge of an incredible comeback. Think back to December 2019: wages were rising, businesses were growing, and unemployment was at its lowest level in half a century.

“We should be doing everything in our power to return to this economy and build on its successes. Unfortunately, President Biden is using his presidency to implement the most radical socialist agenda in American history.

“He plans to ‘Build Back Better’ by growing the government, raising taxes on American families and investments, destroying jobs, and saddling future generations with a massive debt — an agenda that will inevitably crush economic opportunity.

“In late February, he spent $1,900,000,000,000 on ‘COVID relief’ that spent less than 9 percent to defeat the virus. In March, he pushed for a $2,700,000,000,000 ‘American Jobs Act’ that spends less than 6 percent on repairing roads, highways, and bridges. Tonight, he demanded another $1,800,000,000,000 in new spending for cradle-to-grave government intervention.

“When you add it all up, the cost of the Biden Spending Spree is astonishing: over $6,000,000,000,000 in his first 100 days. That’s more than the cost of every activity of the whole government in a single year and 30 percent of the entire American economy. The price tag per household comes out to $46,321.17 — more than 70 percent of the median household income.

“This burden is on top of rising gas prices and food prices. There have been shortages for cars and consumer products, and businesses are unable to hire more employees because they can’t compete with an ever-expanding welfare state. If the government continues to throw money around carelessly, prices will rise even further, and the money in Americans’ pockets will purchase less.

“Republicans will work with anyone to rebuild America, restore our way of life, and renew the American Dream. But we cannot tax and spend our way out of our problems, and we cannot allow the United States to go down the path of socialism with the government deciding how much anyone is allowed to earn, while it confiscates the rest and hands it over to the politically connected and favored. We need to return to sound economic principles that gave us the best economy in history.”