WASHINGTON, D.C. (NEXSTAR) — The inflation Reduction Act cleared the House on Friday. This bill has been more than 18 months in the making. Democrats say just getting this far is a victory. But Republicans returned to Washington Friday, united in opposition.
Democrats praise their bill as life changing legislation.
“If you are sitting at your kitchen table and wonder how you’re going to pay the bills, your healthcare bills, your prescription drug bills, this bill is for you,” House Speaker Nancy Pelosi said.
The bill fights climate change and lowers some prescription drug prices, and it’s estimated to raise over $300 billion over ten years in new tax revenue. But Republicans stood unanimously opposed to the bill, calling it a reckless spending spree.
Missouri Republican Jason Smith said it will make inflation worse by raising taxes for average Americans.
“So lots of spending up front, lots of debt upfront, and then maybe savings eight years from now,” Smith said. “How is that going to put out the fire of inflation?”
Democrats rejected that claim and said the bill will only ensure corporations and the wealthy paid the taxes they owe.
The bill now heads to the President’s desk where President Biden said he looks forward to signing it into law next week.