Two former top economic officials for former President Barack Obama are warning that President Joe Biden’s massive social spending bill, known as the Build Back Better Act, will increase inflation at a time when rates are already skyrocketing and will add hundreds of billions of dollars a year to the national debt.

Larry Summers, former Treasury Secretary for Clinton and Obama administration official, and Steven Rattner, Obama’s former auto czar, made the warnings in an interview last week with Bloomberg News.

When asked during the interview if Biden’s multi-trillion-dollar leftist spending bill would worsen inflation, Summers responded, “I think the inflation rate would be slightly higher in 2022 and 2023 with the Build Back Better than it would be without the Build Back Better.”