Home Depot co-founder Ken Langone: Biden spending bill 'totally irresponsible'

Billionaire Ken Langone: Biden spending bill ‘totally irresponsible’

Home Depot co-founder Ken Langone argues Biden’s spending bill will put ‘gas on the fire’ as U.S. sees surging inflation

Home Depot co-founder Ken Langone and former Honeywell Chairman and CEO Larry Bossidy jointly criticized Biden’s "irresponsible" spending plan as the U.S. continues to confront "very serious inflation" in the wake of a supply chain crisis.

"To pass this reconciliation bill is totally irresponsible," Langone told FOX Business' "Mornings with Maria" host Maria Bartiromo. 

In addition to ripping the president’s costly plan, the Home Depot co-founder also shed light on everyday Americans being greatly impacted by the "regressive tax."

"I think this bill is going to really put gas on the fire," Langone said.

Former Honeywell Chair Larry Bossidy also chimed in, telling FOX Business that "we don’t need another $5 trillion program," especially in light of the current economic situation unraveling across the country.

Despite warning signals from economists and market experts, Democratic lawmakers and the president continue to tout the spending bill regardless of its impact on the economy.

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

The spending bill is only going to "exacerbate an already serious, serious problem," Langone said.

As Biden’s plan makes its way to the Senate, many are predicting immediate pushback from Democratic Sens. Joe Manchin and Kyrsten Sinema, which could pose a threat to the bill's future.

US Sen. Joe Manchin, D-W.Va., and Director of National Economic Council Brian Deese talk after a meeting with Senate Majority Leader Sen. Chuck Schumer, D-N.Y., at the U.S. Capitol October 25, 2021 in Washington, DC. (Photo by Alex Wong/Getty Images) (Getty Images)

"I’m praying to God that there’s more people like Joe Manchin and the senator from Arizona because I’ll tell you what, we need to show statesmanship now," Langone expressed.

As the Senate prepares to put up a fight over Biden’s spending plan, the U.S. continues to grapple with another economic pressure– the supply chain.

Home Depot co-founder Ken Langone, former Honeywell CEO address youth mental health crisis

Former Honeywell Chairman and CEO Larry Bossidy and Home Depot co-founder Ken Langone on tackling growing youth mental health issues, Federal Reserve Chairman Jerome Powell and Biden’s spending bill.

Bossidy, after dealing with many supply issues over the course of his tenure at Honeywell, told Bartiromo that the supply shortages and their impact on the economy are "a double-edged sword."

"I think we’re going to have a decent year in 2022. The supplyside situation will ease and the economy, I think, will be more advantaged as a consequence of that," he said. 

FOX Business’ Brooke Singman contributed to this report

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