President JoeBiden wields Inflation Reduction Act against GOP as inflation rages on his watch Analysis by JimAntle:
President Joe Biden has used Republican calls to repeal the Democratic spending bill to argue a GOP takeover of Congress would worsen the problem of high consumer prices.
Many economists dispute that the Inflation Reduction Act will reduce inflation, while others project that its anti-inflationary effects will come later. The White House has not taken a firm position on when it might lead consumer prices to come down, with Jean-Pierre pointing to certain benefits of the law kicking in “next year.”
In another exchange about inflation and gas prices on Monday, Jean-Pierre pointed out that 18 months ago, Biden signed the $1.9 trillion American Rescue Plan — the piece of legislation frequently named as the Biden administration’s single biggest contribution to inflation. “That helped the American people,” she said, citing pandemic economic reopening.
The Inflation Reduction Act is arguably the most audacious of the moves. Born out of the reconciliation process through which Democrats were supposed to pass trillions of dollars in liberal spending priorities without any Republican votes, the final product was much smaller — earlier versions of Build Back Better weighed in around the $3 trillion mark — and had “inflation reduction” in the title.
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