Kudlow on inflation hitting new high: Anyone in Congress who wants to spend right now is 'out of their mind'

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Larry Kudlow on inflation report: Anyone in Congress who wants to spend right now is 'out of their mind'

FOX Business host talks solutions to record inflation rates on ‘America’s Newsroom.’

FOX Business host Larry Kudlow called for a freeze on domestic spending on "America’s Newsroom" Friday after inflation hit a new 40-year high as May consumer prices surged under the Biden administration.

INFLATION HITS FRESH 40-YEAR HIGH IN MAY WITH CONSUMER PRICES SURGING 8.6%

LARRY KUDLOW: Anybody in Congress who wants to spend on some bill right now -- environmental spending, energy tax credits, health care, child allowances, DB derivatives – anybody that wants to spend has got to be out of their mind. Given a report like this and given the trend line and given the acceleration of inflation, we need to freeze domestic spending while the Fed removes excess cash from the economy. 

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This shows you we're headed downscale. It's going to be very difficult, if not impossible, to avoid a recession in the next 12 months. That's what's going to happen here.

WATCH THE FULL INTERVIEW HERE:

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