On Friday’s broadcast of CNBC’s “Squawk Box,” House Minority Leader Rep. Hakeem Jeffries (D-NY) argued that extending Obamacare subsidies isn’t additional government spending and “We’re actually extending a tax credit that currently exists.”

Co-host Becky Quick asked, “You bring up inflation, and you’re right to do so. We just got the CPI. It was not quite as hot as had been anticipated, but inflation is higher than the Fed’s target range or than anybody feels comfortable with. The problem is, inflation is often caused by government spending. Additional government spending is not likely to get it to the point where we are going to see less inflation out there. How do you handle that?”

Jeffries answered, “This is not additional government spending –.”

Quick cut in to say, “It is addition

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