The Senate on Sunday passed the $700 billion Inflation Reduction Act, a scaled-down version of the Build Back Better Act.
The Inflation Reduction Act would alsomore “fuel” to the “inflation fire,” according to Rep. Jason Smith , the ranking member of the House Budget Committee. He explained that the Inflation Reduction Act utilizes budget gimmicks and fake offsets to mask the true cost of the bill. Smith said the bill would add $114 billion to the debt when accounting for Manchin’s fake gimmicks.
The bill goes to the House, where it will likely pass, barring any major disputes that have yet to arise. The House Freedom Caucus released a statement after the vote, declaring their opposition to the Inflation Reduction Act: The fact is that Democrats’ latest spending bonanza has far more to do with enacting their socialist ‘Green New Deal’ agenda than truly helping Americans suffering from staggering 9.1% inflation. A host of non-partisan experts all agree that this legislation will not decrease inflation, and many forecast that it will have the opposite impact.
The Freedom Caucus added, “The misnamed ‘Inflation Reduction Act’ is a disaster from every perspective and it must be defeated.”
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