Economy

SPEND-O-RAMA: Inflation Reduction Act Passes in Senate Along Party Lines, $369 Billion for Climate

posted by Hannity Staff - 8.08.22

Desperate Democrats looking for a win pushed the Inflation Reduction Act through the Senate on Sunday —the vote was along party lines with Vice Presiden Kamala Harris breaking the tie.

Majority Leader Chuck Schumer heralded his bill on Twitter:

“With the Inflation Reduction Act, this Senate Democratic Majority has achieved what countless others have come to Washington promising to do. Our bill reduces inflation, lowers costs, creates millions of good-paying jobs, and is the boldest climate package in U.S. history.”

Former President Barack Obama called the passage of the act a “major accomplishment.”

“The Inflation Reduction Act that just passed the Senate is a major accomplishment. Not only will it reduce inflation and lower the cost of prescription drugs – it also happens to be the most consequential piece of climate legislation in American history.”

Newly-elected Texas Rep. Mayra Flores calls the act a “disaster.”

“The Inflation Reduction Act, a slimmed down version of Biden’s Build Back Better Plan, will cost an estimated $433B, most of which will be invested in climate reform, while increasing tax revenue by $739B. It will undoubtedly be another disaster in a struggling recovering economy.”

From The Daily Wire:

The $740 billion legislation now heads to the House of Representatives, which is set to reconvene at the end of this week to vote on it, The Hill reports.

The largest portion of the bill is a $369 billion climate spending package. An analysis conducted by Majority Leader Chuck Schumer’s office claims the spending will cut carbon emissions by 40% by 2030. The plan includes tax credits of $4,000 and $7,500 to buy used and new electric vehicles, but does not allow the credits to be used on vehicles that have batteries with materials processed in China. The bill also contains a 16.4 cents per barrel tax on crude oil and petroleum products imported into the U.S.

Continue reading over at The Daily Wire:

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