On Friday, the House of Representatives approved the Inflation Reduction Act along party lines. It is likely to be signed by President Joe Biden next Wednesday.
The legislation was approved by all 220 Democrats, but it was opposed to by 207 Republicans. Four Republicans didn’t vote for the legislation. Many members also voted remote by proxy.
“Today, the American people won. Special interests were defeated. With the passage of the Inflation Reduction Act in the House, families will see lower prescription drug prices, lower health care costs, and lower energy costs,” President Joe Biden tweeted.
“I look forward to signing it into law next week,” he added.
Today the American people prevailed. Special interests were crushed.
Families will benefit from lower prescription drug costs and higher health care costs as a result of the House passing the Inflation Reduction Act. Next week, I will sign it into law.
— President Biden (@POTUS) August 12, 2022
Despite the bill’s name, it mainly focuses on energy and healthcare. According to RedState, it will have little impact on inflation.
The Penn Wharton Budget Model estimates that the Inflation Reduction Act would reduce non-interest cumulative deficits by $248 billion over the budget window with no impact on GDP in 2031.
“It doesn’t even have a review from the Congressional Budget Office,” House Minority Whip Steve Scalise (R-LA) said on the House floor.
“But just a few hours ago we got this, and it was a confirmation that the IRS agents will be getting about $20 billion in new taxes from people making less than $400,000. That’s right, the CBO just confirmed it a few hours ago… This bill breaks President Biden’s promise,” he added, referencing new details from the CBO about the Democrats’ tax plan within the bill, as RedState reported.
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