After the Federal Reserve’s preferred measure of inflation, the personal consumption expenditures (PCE) price index, hit a 40-year high of 6.8 percent from the year previous, Ways and Means Republican Leader Rep. Kevin Brady (R-TX) issued the following statement:

“President Biden turned our recovery into a recession, and now family paychecks have decreased for the fifth straight month in his cruel economy with inflation hitting its highest in 40 years and accelerating.

“Who in their right mind would want tax increases on American manufacturing, energy, and medical innovators heading into a recession? The Schumer-Manchin tax increases won’t even reduce drug prices, ease the worker shortage, or reduce raging Biden-Flation in the near term when consumers expect prices to be highest. Instead, they are likely to worsen our economy.

“We don’t need more denial from this White House, and we definitely don’t need more tax increases.”