GOP Sen. Braun on Goldman Report Inflation Reduction Act Will Cost Three Times Estimate: There Are ‘Smoke and Mirrors’ on Budget

On Monday’s broadcast of CNBC’s “Last Call,” Sen. Mike Braun (R-IN) reacted to a report from Goldman Sachs that the Inflation Reduction Act will cost three times more than government estimates by stating that this is just another example of government “smoke and mirrors” on costs.

Host Brian Sullivan asked, “I want to turn the topics a little bit, Sen., and get your thoughts, there was a new report out of Goldman Sachs…that the Inflation Reduction Act could end up costing about three to four times what we were told, in part because of these uncapped tax credits on some of their programs, particularly around renewable and so-called clean energy. Now, Goldman does note in the note that it could also drive trillions more in energy and climate-related investment. … Your thoughts?”

Braun answered, “So, I’ve been here a little over four years. I come from the real world, had a little company, became a national one. I understand all this stuff, and actually studied economics many, many years ago, smoke and mirrors here on any of this stuff, especially reconciliation bills, where there [were] no Republican votes. And, Brian, we’re borrowing now 30 cents on every dollar here. So, what they normally do in bills like this, all the cuts, all the revenue generation is going to be six years to ten years out. All the spending occurs immediately. And it’s now structuralized, what used to be trillion-dollar deficits, they’re now a trillion-and-a-half. All of that was part of what unleashed the inflation bomb that we’re dealing with currently. So, whether it’s hidden investment tax credits that will probably cost more than what they said they would, I wouldn’t be surprised.”

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