RATE Coalition Statement on New CBO Projection

WASHINGTON, D.C. — The RATE Coalition, whose members and affiliates employ more than 53 million American workers in all 50 states, issued the following statement after the non-partisan Congressional Budget Office (CBO) released a new 10-year economic projection which forecasts that high levels of inflation will persist into next year.

“Today’s CBO report offers a grim outlook for an economy beset by record inflation and mounting recessionary headwinds.

“Hard working American families are already bearing the brunt of surging prices for everything from gas to groceries to utilities. The last thing Congress should do at this juncture is add insult to injury by raising taxes on businesses – a move that would worsen the inflation crisis and push our nation to the brink of recession.

“We strongly urge Washington leaders to refrain from damaging tax hikes and instead ensure American businesses have the runway they need to create jobs and drive economic growth.”