- News & Analysis -
The democrat-run U.S. Senate on Sunday passed a sweeping $430 billion bill intended to fight climate change, lower drug prices, and raise some corporate taxes. According to analysts, Democrats are desperately attempting to help their chances of keeping control of Congress in the 2022 elections.
During the 27-hour weekend session of debate included Republican efforts to save the middle class and block the entire package, but nonetheless, the Senate approved the Inflation Reduction Act with a 51-50 vote. Vice President Kamala Harris cast the tie-breaking ballot.
Friday, when the House of Representatives plan to reconvene briefly during a summer recess, they are expected to pass it and rush it to the White House for Biden's signature.
As inflation rages and the economy sinks into recession, Senate Democrats jammed through their long-sought massive tax and spending bill that independent experts warn will lead to fewer jobs, lower wages, and ironically, more inflation.
Republican senior United States senator from Iowa Chuck Grassley opposed the massive tax & spending bill amid soaring inflation and the shrinking economy. He reminded democrats that “Families across America are suffering from 40-year-high inflation, fueled by a partisan anti-energy, anti-growth tax-and-spend agenda. Democrats ignored their own economists when they spent $1.9 trillion to get us in this mess. Now they’re ignoring independent analyses warning that this bill is going to cause even more pain. This partisan bill, written behind closed doors without any input from Republicans, will raise taxes, cut jobs, kill cures and fuel inflation – all at the worst possible time. The American people have endured enough."
Contrary to the bill’s name, an independent analysis predicts that the Inflation Reduction Act will have a negative impact on inflation over the long term and would actually cause inflation to increase through 2024.
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