Stuart Varney: Tax and spend is back

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Stuart Varney: Tax and spend is back

FOX Business host Stuart Varney argues it will be a political disaster if the Democrats can turn their tax and spend program into electoral victory for the midterms.

During his "My Take" Friday, "Varney & Co." host Stuart Varney discussed the passing of the $280 billion semiconductor bill and Democrats' Inflation Reduction Act proposal, arguing "tax and spend is back" as the country enters a technical recession. 

STUART VARNEY: Tax and spend is back. And I blame Republicans. They were duped. They were rolled.

Here's the story:

Wednesday, 17 Republicans said yes to a $280 billion "chip bill" that was supposed to support the computer industry but which is also a grab-bag of government spending.

Thursday, the Republicans found that Sens. Schumer and Manchin had been secretly negotiating an even bigger tax and spend plan. 

Republicans had been tricked. 

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FOX Business’ Stuart Varney discusses the Democrats’ spending packages amid recession. (Fox News)

They now have to figure out how to beat back $850 billion-worth of new spending, and $300 billion worth of new taxes.

Amazing. 

At the moment when we know we're in recession, Joe Manchin and the Republicans pull out what looks like a win for the president! 

We now have to wait to see if Sen. Sinema will save the country from economic disaster.

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And it would be a disaster if, in a recession, you raise taxes.

It will be a disaster if you pile on hundreds of billion in new government spending when inflation is running at 8%+.

And it will be a political disaster if the Democrats can turn their tax and spend program into electoral victory this November.

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