The slimmed down version of President Biden’s $3.5 trillion Build Back Better Act known as the Inflation Reduction Act, passed the Senate over the weekend along strict party lines.
Not surprisingly, reaction to the bill’s passage was partisan in nature.
“Today, Senate Democrats sided with American families over special interests, voting to lower the cost of prescription drugs, health insurance, and everyday energy costs and reduce the deficit, while making the wealthiest corporations finally pay their fair share,” Biden said in a White House press statement.
Sen. Bill Cassidy, R-La., who is a member of the Senate Finance Committee, told Fox News Digital, “The only way the Inflation Reduction Act will decrease inflation is by raising taxes on middle-income and lower-income families so that they don’t have money to spend,” he said. “In health care, we call that killing the patient to heal the disease. It is not how to treat American taxpayers. So, what’s really in it – and what impact will it have on families?
According to the non-partisan Congressional Budget Office, the bill will have “a negligible effect on inflation” in 2022, and somewhere between a 0.1 percentage point lower and a 0.1 percentage point higher effect in 2023. Another non-partisan group, the Penn Wharton Budget Model from the University of Pennsylvania’s Wharton School, says the bill’s impact on inflation is “statistically indistinguishable from zero.”
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