FOX Business's Larry Kudlow said President Biden's $3.5 trillion spending bill is a "bone crusher" and could be a "wet blanket over the entire economy."
"Save America, kill the bill, kill all of it," Kudlow told "Varney & Co." host Stuart Varney.
Kudlow’s comments come on the heels of Biden arguing that his social spending bill is an "investment in working America" and will cost nothing.
"My Build Back Better Agenda costs zero dollars," Biden's account tweeted Saturday. "Instead of wasting money on tax breaks, loopholes, and tax evasion for big corporations and the wealthy, we can make a once-in-a-generation investment in working America. And it adds zero dollars to the national debt."
Kudlow argued that while Biden’s comments are a "tough thing to prove" and "you might even call it a falsehood," he noted that the House Budget Committee marked up a $4.3 trillion reconciliation bill and the Joint Tax Committee said the tax provisions would only raise $2 trillion in revenues.
"It’s going to cost a lot," Kudlow said.
When Varney asked whether tax increases to fund the bill would push the U.S. economy into a recession or stagflation, Kudlow responded, saying that it could be a "wet blanket over the entire economy,"
Kudlow pointed to the Tax Foundation and Penn Wharton budget models, which found that GDP would drop slightly and wages would come down as a result of spending and tax hikes.
"Nothing good comes out of this. It's just a pity. It's almost a tragedy," he said. "You’ve got incentives not to work and you’ve got tax penalties on companies that create jobs and higher wages."
He added that the spending and deficits also puts pressure on the Federal Reserve to monetize the debt.
FOX Business' Cortney O'Brien contributed to this report.