Spending

Hassan passes new federal spending in the face of GOP attacks

Ads are hard to miss. Bedford bakery owner talks about impact of inflation on her small business; an attack on “outrageous” federal spending and wasted billions during the COVID crisis; the message “Call Senator Hassan, tell him to stop the reckless spending that causes runaway inflation”.

But whether that impacts the incumbent Democrat, it doesn’t show up on her voting record.

Since President Joe Biden took office, Hassan has voted for the $1.9 trillion ‘US bailout’, the $1.2 trillion infrastructure bill, and the $280 CHIPS grants. billions of dollars for microchip makers. If she backs the new $739 billion Schumer/Manchin deal, that would bring her total to about $4 trillion in new spending in the past 18 months alone.

And she certainly seems enthusiastic about the so-called “Cut Inflation Act,” as the massive reconciliation spending plan is now called, telling WMUR’s Adam Sexton last Sunday: “I hope to vote the next week.

“What is the deed for? He says we will pivot to a clean energy economy and we will help consumers meet their energy costs,” Hassan said. “Credits for the purchase of a new electric vehicle or a used electric vehicle, which help middle-income people who may not be able to afford a new electric vehicle. These essential measures will help reduce costs and help fight climate change.

“This is a very important bill. It’s kind of unbelievable to me that he doesn’t get any Republican support,” Hassan added.

This new TV ad targeting Hassan on spending and inflation was launched this week.

For Hassan, the political calculus seems to be that the allure of spending on electric vehicle subsidies and Obamacare grants will outweigh concerns about inflation, which she is reluctant to admit is tied to the trillions. new funds poured into the economy under Biden. Asked about the inflation problem, Hassan blamed it “on the combined crises of the COVID 19 pandemic and the war [waged by] Russia.”

Republicans clearly disagree. CBS News reports that Republicans have spent more than $40.6 million on TV ads mentioning inflation so far this year, according to an ad tracking firm. “They also spent over $1.6 million on Facebook digital ads with text mentioning inflation, which received over 97 million impressions.”

A new One Nation PAC ad targeting Hassan’s support for increased federal spending was launched on Tuesday.

Polls show that while some Americans point to higher prices at Putin or “Big Oil,” many say the spending policies of Biden and the Democratic majority are to blame. In fact, a poll released in June found a majority of Democrats blaming Biden for inflation problems.

And a report by the independent Tax Foundation says that in addition to increasing federal tax revenue by an estimated $656 billion, “the proposed minimum tax of 15% on book corporate income is the most economically damaging provision of the bill, reducing GDP by 0.1% and costing around 23,000 jobs.

Also overlooked: the bill “restores the Superfund tax on crude oil and imported oil to 16.4 cents per gallon (indexed to inflation) and increases other taxes and charges on the fossil fuel sector.” This puts upward pressure on already high gasoline prices.

Jack Pandol of the Senate Leadership Fund (SLF) highlights what New Hampshire Republicans have been saying since the Manchin deal was announced: Democrats are preparing to vote for nearly $1 trillion in new spending and $500 billion higher tax revenues, just three months before the November elections.

“Chuck Schumer and Joe Biden announced the Senate Democrats’ reckless new plan: raise taxes and give more money to the IRS to harass small businesses to pay for their left-wing climate agenda,” the SLF said in a statement. “Now that the economy is officially in a recession, are vulnerable Senate Democrats really comfortable raising taxes and going after small businesses? If the past is a prologue, they will fall in line.

“The early Democrats’ reckless spending caused inflation to skyrocket, now they want to raise taxes during a recession. It’s clear that Democrats won’t stop going after Americans’ paychecks and jobs until we kick them out of the majority,” Pandol said.