Washington, D.C. – U.S. Senator Pat Toomey (R-Pa.) joined CNBC’s Squawk Box this morning to discuss Democrats’ $4.6 trillion tax-and-spend bill and the nomination of Professor Saule Omarova, President Biden’s nominee for top banking regulator.
On Democrats’ $4.6 trillion tax-and-spend spree:
“This is radical stuff. Let’s be honest. This is transformative by design. It’s intended to be. And, that is just wildly out of step with the Democrats’ majority. They didn’t get a mandate to transform America. Joe Biden’s mandate was to return to normal, [and] to be a reasonable person and to bring both sides together. But, then, he has governed from the very far radical left, and this bill is part of it.”
“The Wharton School says this is $4.6 trillion of spending, and . . . it’s mostly about expanding the welfare state to the middle class. [Democrats have] got all kinds of new programs—some don’t even have any income limitation and those that do it is extremely high. This kind of total transformation of the relationship between middle income Americans and the federal government is not what people were voting on in last election.”
“The American people are not on board on this, so we are continue to drive the message about how damaging this would be, how much this would cost, how much it would add to inflation, to our deficits, the tax increase. And, this is part of the political process: Have this debate.”
On the nomination of Professor Saule Omarova to serve as top banking regulator:
“Let’s be honest: Her policy positions are socialist positions. She has advocated for the abolition of banking, and to have the Fed replace all retail banking. She’s advocated for price controls across the economy established by the Fed . . . She’s advocated that the Fed directly allocate credit throughout the economy—not private banks. She’s carried on about how badly the private players allocate capital and resources and why the Federal government has to replace that and needs to play an activist role on the part of regulators. And here she’s nominated to be the top regulator of America’s banks. It’s just shocking.”