Senate Passes $700 Billion ‘Inflation Reduction’ Bill
On Sunday, the Senate passed a $700 billion inflation-reduction bill, a scaled-down version of the Build Back Better Act.
Senate vote Pass HR 5376, also known as the Inflation Reduction Act, Sections 51-50. The bill passed in a partisan vote, with Vice President Kamala Harris breaking the tie.
The Reducing Inflation Act comes after Schumer and Sen. Joe Manchin (D-WV) reached an agreement on a stripped-down version of the Build Back Better Act. The Inflation Reduction Act focuses on reducing deficits and curbing inflation, expanding Obamacare subsidies, spending more than $300 billion on climate change programs, and allowing Medicare to negotiate drug prices.
House Republican Research Committee (RSC) Chairman Jim Banks (R-IN) detailed 50 of the legislation’s most radical aspects.
According to the Penn Wharton budget model and the Congressional budget, it may be ironic to Manchin that the bill will not reduce inflation office (CBO).
According to the Joint Committee on Taxation (JCT), the legislation will also impose a 15% corporate minimum tax on manufacturers, hitting manufacturers the hardest.
Rep. Jason Smith (R-MO), a senior member of the House Budget Committee, said the Reducing Inflation Act would also add more “fuel” to the “inflation fire.” He explained that the Reducing Inflation Act uses budget gimmicks and false offsets to mask the true cost of the bill. Given Manchin’s bogus stunt, the bill would add $114 billion to debt, Smith said.
The bill will go to the House of Representatives, where it will likely pass barring any major controversies that have yet to arise.
The House Freedom Caucus issued a statement after the vote announcing their opposition to the Reducing Inflation Act:
The truth is that the Democrats’ latest spending spree has more to do with crafting their socialist “Green New Deal” agenda than actually helping Americans suffering from 9.1% inflation. Many nonpartisan experts agree that the legislation will not reduce inflation, and many predict it will have the opposite effect. To make matters worse, the bill not only directs $369 billion in relief money to climate change special interests, it does so behind the backs of American taxpayers. To fund their socialist agenda, Democrats are replacing the IRS with $80 billion—six times the agency’s annual budget—to build an army of 87,000 new law enforcement officers to target Americans, As many as 1 million additional audits of more than $200,000 per year are conducted on taxpayers with less income — the same middle class most affected by the Biden economics boom.
The Freedom Caucus added, “The ‘inflation cut bill’ that lives up to its name is a disaster from every angle and must be defeated.”
Sean Moran is a congressional correspondent for Breitbart News.follow him on twitter @Shaun Moran3.