Bipartisan Cost Coalition: CBO proves Big, Ugly Inflation Nightmare is welfare for the rich that takes from everyone else

Cost Coalition Advisers Terry Holt, a Republican, and Andrew Bates, a Democrat released the following statement on new data from the nonpartisan think tank Energy Innovation showing the economic costs of the “Big Beautiful Bill Act”:

“Congress’s nonpartisan referee just confirmed what an overwhelming majority of Americans already suspected: what Donald Trump calls “One, Big, Beautiful Bill” breaks his #1 campaign promise by selling out middle class families to billionaires. Actions matter a hell of a lot more than words. And now that he’s in office, Trump wants to worsen inflation with a $12,000 annual payoff to the highest earners - welfare for the rich. In exchange, he plans to take $1,600 a year from working families, including with the biggest Medicaid cuts in history, and throw the rest on America’s credit card. That’s before they raise Americans’ utility bills by $170 billion and surrender to China in the clean energy race. This Big, Ugly, Inflation Nightmare is an across-the-board betrayal of hard working Americans, small businesses, manufacturers, and everyone who isn’t hobnobbing with Trump at Mar-A-Lago or another of his elite clubs. No senator should touch this with a ten-foot pole.” 

Terry Holt is a former spokesperson for President George W. Bush and House Speaker John Boehner. 

Andrew Bates was Senior Deputy White House Press Secretary under Joe Biden.