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Home Depot co-founder Ken Langone and former Honeywell chairman and CEO Larry Bossidi jointly criticized Biden’s “irresponsible” spending plan. we The supply chain continues to face “very severe inflation” in the wake of the crisis.

“To pass this reconciliation bill is completely irresponsible,” Langone told Granthshala Business’s “Mornings with Maria” host Maria Bartiromo.

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In addition to accelerating the president’s costly plan, the Home Depot co-founder also highlighted the “regressive tax” on everyday Americans greatly affected by it.

“I think this bill is really going to fire the gas,” Langone said.

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Larry Bossidy, former Honeywell president, also told Granthshala Business that “we don’t need another $5 trillion program,” especially in light of the current economic situation across the country.

Despite warning signs from economists and market experts, democratic parliamentarian And the president continues to tout the spending bill regardless of its impact on the economy.

The CBO estimated that the bill would add $367 billion to the federal deficit over the next 10 years, excluding any potential revenue from IRS tax enforcement action, the White House claims will cover outstanding costs.

The spending bill, Langone said, would only “exacerbate an already serious, serious problem”.

As Biden’s plan makes its way to the Senate, many are predicting immediate pushback from Democratic sensibilities. Joe Manchin and Kirsten Cinema, who could threaten Bill’s future.

“I’m praying to God that there are more people like Joe Manchin and the Arizona senator because I’ll tell you what we need to show politicians now,” Langone expressed.

As the Senate prepares to battle Biden’s spending plan, America is grappling with another economic pressure – the supply chain.

After dealing with several supply issues during his tenure at Honeywell, Bossidi told Bartiromo that the supply crunch and their impact on the economy “is a double-edged sword.”

“I think we will have a good year in 2022. Supply,The position on the side will ease and I think the economy will benefit more as a result.”

Granthshala Business’ Brooke Singman contributed to this report