Senate Democrats on Sunday passed Joe Biden’s massive tax-and-spend bill dubbed the ‘Inflation Reduction Act.’
The bill was passed in a 51-50 party-line vote after a 2-day vote-a-rama.
Kamala Harris cast the tie-breaking vote.
Seen on C-SPAN2:
Senate Democratic bill passes – @VP Harris casts tie-breaking votehttps://t.co/AgQV1owqof pic.twitter.com/iEeAtzyaKw
— CSPAN (@cspan) August 7, 2022
The bill, which passed the senate through budget reconciliation, will head to the House of Representatives for a Friday vote.
More than 230 economists wrote letters to Congress warning that the ‘Inflation Reduction Act’ will make inflation worse.
Fox Business reported:
A letter sent to House and Senate leadership from 230 economists argues that the Inflation Reduction Act is expected to contribute to skyrocketing inflation and will burden the U.S. economy, contrary to President Biden and Democrats’ claims.
The economists wrote in the letter first obtained by Fox News Digital that the U.S. economy is at a “dangerous crossroads” and the “inaptly named ‘Inflation Reduction Act of 2022’ would do nothing of the sort and instead would perpetuate the same fiscal policy errors that have helped precipitate the current troubling economic climate.”
Sen. Joe Manchin, D-W.Va., announced last week he reached an agreement with Senate Majority Leader Chuck Schumer, D-N.Y., on the $739 billion reconciliation package after more than a year of negotiations among Democrats.
The economic experts point to the $433 billion in proposed government spending, which they argue “would create immediate inflationary pressures by boosting demand, while the supply-side tax hikes would constrain supply by discouraging investment and draining the private sector of much-needed resources.”
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