The White House is going after a top House Republican who said the collapse of Silicon Valley Bank and Signature Bank demonstrate the need for government spending cuts.
House Budget Chair Jodey Arrington . Photo: Tom Williams/CQ-Roll Call, Inc via Getty Images
"This is the best time to do it,” he told the outlet. “That interest rate pressure that is creating some risk in the banking industry is a result of the inflation that has been induced by the massive amounts of spending.” Instead, Bates said, Republicans are "exploiting the bank failures they helped cause and threatening to worsen economic volatility unless they can implement their budget policies."Silicon Valley Bank’s collapse was spurred in part by their sale of long-term bonds at a massive loss due to Federal Reserve interest rate hikes aimed at cooling off inflation.
"1,000% agree," said Rep. Blake Moore , a more moderate member of the tax-focused Ways and Means Committee. "It's bad economic policy that leads to catastrophic events later on, and hopefully we can squash it."
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