Sen. Pat Toomey, R-Pa., with Sen. Bill Cassidy, R-La., right, questions Department of the Treasury Secretary Janet Yellen as she testifies during a Senate Finance Committee hearing to examine President Joe Biden’s proposed budget request for fiscal year 2023, on Capitol Hill, June 7, 2022, in Washington. (AP Photo/Manuel Balce Ceneta, File)
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UPDATED 10:08 AM PT – Monday, August 1, 2022
GOP Sen. Pat Toomey (R-Pa.) dismissed Democrat claims on their latest reconciliation package proposal.
Tonight, the Senate voted to give us the chance to fix a completely unnecessary budget gimmick in the underlying text of the PACT Act. This gimmick allows $400B in spending completely unrelated to veterans care. pic.twitter.com/TAuE12G8l0
— Senator Pat Toomey (@SenToomey) July 27, 2022
During an interview on Sunday, Toomey called the bill “a gimmick.” He expressed his doubts, saying that it would increase revenue while lowering the deficit. He contended that any debt reduction from the legislation over the next 10 years would be wiped out if Democrats don’t end Obamacare subsidies for wealthy Americans.
Toomey also said that he believes the bill will make inflation worse and that the corporate tax hikes included in the legislation would hurt the economy.
“They’re also counting huge amounts of additional tax revenue from giving more taxes, money to the IRS, which the CBO does not agree with,” explained the Republican lawmaker. “They’re also not taking into account how much our economy will slow down from this big corporate tax increase that will mostly hurt manufacturing and domestic investment. These numbers are very, very dubious.”
Toomey also stated that moderate Sen. Joe Manchin (D-W.Va.) was “taken to the cleaner”’ when agreeing to support the reconciliation proposal.
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