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SEN. Harry F. Byrd, Jr., IndVa., attacked legislation granting automatic cost-of-living pay boosts to members of Congress. “This insulates the Congress from inflation, and Congress is a major cause of inflation,” Byrd said. The cost-of-living increase was approved by Congress, and President Ford has announced that he will sign it.
“The federal government is running a deficit of $70 billion for the current year, on top of a $44 billion deficit for the year that ended June 30. Deficit spending measures approved by the Congress created those deficits. “Those huge deficits, in turn, are fueling the fires of inflation,” Byrd declared.
“I think it is very bad policy to insulate the members of Congress from the inflationary consequences of their own actions. “Only about 15 percent of U.S.
94.2%