Summers: Running Deficits Under BBB Bill ‘Not the Right Thing’ and We Should Scale Back Its Tax Cuts for Rich

(via Breitbart)

On Friday's "CNN Tonight," economist Larry Summers stated that while he supports the Build Back Better reconciliation bill, runs "incremental deficits for the first few years. That's not the right thing to be doing and we should scale that back." And the best way to handle that is to get rid of reinstating deductions for state and local taxes, which he said is a tax cut for the rich. Summers also stated that "we do need to control inflation better in this bill. But the right way to do it is to focus the spending on investment and to fully pay, in highly progressive ways, for the spending we have."