https://sputnikglobe.com/20220817/addicted-to-spending-your-money-us-republican-slams-democrats-over-inflation-reduction-act-1099701862.html
‘Addicted to Spending Your Money’: US Republican Slams Democrats Over Inflation Reduction Act
‘Addicted to Spending Your Money’: US Republican Slams Democrats Over Inflation Reduction Act
Sputnik International
On Tuesday, Democratic Senator Joe Manchin also acknowledged that the act, which was signed by POTUS into law earlier this week, will not "immediately" temper... 17.08.2022, Sputnik International
2022-08-17T15:26+0000
2022-08-17T15:26+0000
2022-08-17T15:26+0000
americas
us
joe biden
sen. joe manchin (d-west virginia)
inflation
money
https://cdn1.img.sputnikglobe.com/img/07e6/01/14/1092401923_393:762:2679:2048_1920x0_80_0_0_e218be1b4e84386d7b72cf3c3204e568.jpg
Republicans have warned that the $3.8 trillion spending bills that Democrats have passed since US President Joe Biden’s inauguration in February 2021 will harm rather than shore up the country’s economy.Chad Gilmartin, a spokesman for House Republican Minority Leader Kevin McCarthy, told Fox News that “No matter what they call their legislation, Democrats in Washington are addicted to spending your money.”In an apparent nod to the $1.9 trillion American Rescue Plan of 2021, he asserted that when Democrats said that “their multitrillion spending bill would ‘rescue’ the economy — it did the opposite by fueling historic inflation and imperiling every family’s budget.”Gilmartin referred to President Joe Biden inking the Inflation Reduction Act into law on Tuesday, a document which authorizes $750 billion in spending on areas that include tax enforcement and healthcare as part of the White House’s efforts to address the federal budget deficit.While Biden praised the Inflation Reduction Act as something that “does so many things that for so many years so many of us have fought to make happen,” Democratic Senator Joe Manchin admitted that the bill won’t make everyday goods less expensive over a short period of time.The document, which is the successor to the House-passed 2021 Build Back Better Act, came as a result of intense negotiations between Senate Democrats, most notably between Senate leaders and Manchin.In the fall of 2021, Manchin refused to vote for the nearly $2 trillion Build Back Better plan, saying that it entailed "shell games" and “budget gimmicks”.Meanwhile, the Inflation Reduction Act envisages the creation of a 15% minimum corporate tax rate; an extension to the Affordable Care Act (ACA) subsidy; increased funding for the Internal Revenue Service (IRS); rights for Medicare to negotiate the price of certain prescription drugs; as well as "energy security and climate change investments."Republicans have repeatedly insisted that the bill may actually increase the deficit and whip-up inflation in the US, which eased slightly to 8.5% in July, but remained close to a four-decade high.
https://sputnikglobe.com/20220816/biden-signs-inflation-reduction-act-authorizing-billions-in-funds-for-us-economic-change-1099672468.html
https://sputnikglobe.com/20220811/democratic-congressman-beyer-no-recession-in-us-inflation-is-zero-1099469429.html
americas
Sputnik International
feedback@sputniknews.com
+74956456601
MIA „Rosiya Segodnya“
2022
Oleg Burunov
https://cdn1.img.sputnikglobe.com/img/07e4/09/0b/1080424846_0:0:2048:2048_100x100_80_0_0_3d7b461f8a98586fa3fe739930816aea.jpg
Oleg Burunov
https://cdn1.img.sputnikglobe.com/img/07e4/09/0b/1080424846_0:0:2048:2048_100x100_80_0_0_3d7b461f8a98586fa3fe739930816aea.jpg
News
en_EN
Sputnik International
feedback@sputniknews.com
+74956456601
MIA „Rosiya Segodnya“
Sputnik International
feedback@sputniknews.com
+74956456601
MIA „Rosiya Segodnya“
Oleg Burunov
https://cdn1.img.sputnikglobe.com/img/07e4/09/0b/1080424846_0:0:2048:2048_100x100_80_0_0_3d7b461f8a98586fa3fe739930816aea.jpg
us, joe biden, sen. joe manchin (d-west virginia), inflation, money
us, joe biden, sen. joe manchin (d-west virginia), inflation, money
‘Addicted to Spending Your Money’: US Republican Slams Democrats Over Inflation Reduction Act
On Tuesday, Democratic Senator Joe Manchin also acknowledged that the act, which was signed by POTUS into law earlier this week, will not "immediately" temper inflation, and that the necessary investments needed to bring down prices will take some time.
Republicans have warned that the $3.8 trillion spending bills that Democrats have passed since US President Joe Biden’s inauguration in February 2021 will harm rather than shore up the country’s economy.
Chad Gilmartin, a spokesman for House Republican Minority Leader Kevin McCarthy, told Fox News that “No matter what they call their legislation, Democrats in Washington are addicted to spending your money.”
16 August 2022, 20:44 GMT
In an apparent nod to the $1.9 trillion American Rescue Plan of 2021, he asserted that when Democrats said that “their multitrillion spending bill would ‘rescue’ the economy — it did the opposite by fueling historic inflation and imperiling every family’s budget.”
“Now, Democrats say their latest spending bill, which also raises taxes during a recession, will ‘reduce’ the impact of their failures. It’s clear Americans want a new direction to get our nation back on track,” Gilmartin added.
Gilmartin referred to President Joe Biden inking
the Inflation Reduction Act into law on Tuesday, a document which authorizes $750 billion in spending on areas that include tax enforcement and healthcare as part of the White House’s efforts to address the federal budget deficit.
While Biden praised the Inflation Reduction Act as something that “does so many things that for so many years so many of us have fought to make happen,” Democratic Senator Joe Manchin admitted that the bill won’t make everyday goods less expensive over a short period of time.
“Well, immediately it’s not [going to temper inflation]. We've never [said] anything would happen immediately, like turn the switch on and off,” Manchin said.
The document, which is the successor to the House-passed 2021 Build Back Better Act, came as a result of intense negotiations between Senate Democrats, most notably between Senate leaders and Manchin.
In the fall of 2021, Manchin refused to vote for the nearly $2 trillion Build Back Better plan, saying that it entailed "shell games" and “budget gimmicks”.
11 August 2022, 06:08 GMT
Meanwhile, the Inflation Reduction Act envisages the creation of a 15% minimum corporate tax rate; an extension to the Affordable Care Act (ACA) subsidy; increased funding for
the Internal Revenue Service (IRS); rights for Medicare to negotiate the price of certain prescription drugs; as well as "energy security and climate change investments."
Republicans have repeatedly insisted that the bill may actually increase the deficit and whip-up inflation in the US, which eased slightly to 8.5% in July, but remained close to a four-decade high.
