[Congressional Record Volume 167, Number 183 (Tuesday, October 19, 2021)]
[Senate]
[Page S7041]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]



                               Inflation

  Mr. President, the Republican minority leader came to the floor a few 
minutes ago and once again spoke about inflation. And of course we are 
concerned about it, and we are watching it closely.
  We are in an unusual place where we are recovering from a pandemic 
and the economy is getting back on its feet. And, yes, there are 
problems. We see supply chain problems addressed by President Biden 
just this week. We know things are stacked up trying to get into the 
United States.
  That was possibly unavoidable in the midst of a pandemic, when 
customer demand cratered, and now it is recovering and our demand 
outstrips the supplies that are flowing into our country.
  But I also want to remind the Republican leader from Kentucky that 
his opposition to extend the debt ceiling, unfortunately, is also a 
problem when it comes to inflation. If there is uncertainty as to 
whether this Nation will pay its just debts, obviously that will be 
reflected in the financial markets and higher interest rates. So the 
strategy of Senator McConnell, when it comes to the debt ceiling, is 
pro-inflationary itself.
  Also, he talks about the ``socialist spending spree'' of the 
reconciliation bill, Build Back Better. And he says in critical terms 
that the Democrats argue that the cost of this will be ``zero 
dollars.'' He says that what Democrats don't say is they have to impose 
massive tax hikes for this to happen.
  Well, I might say to the Senator from Kentucky, we have been very 
open about what our tax policy would be to pay for Build Back Better.
  That policy would say those making over $400,000 a year in income 
would have to pay higher taxes. Yes, we have said it. Those people 
would have to pay higher taxes. And corporations that are escaping 
their just tax liability would now have to pay their fair share, too. 
In those two instances, we are raising taxes, but the taxes don't touch 
the working people in this country or those in lower income categories.