WASHINGTON, DC (NEXSTAR) — The House inflation reduction bill passed Friday. This bill has been in the works for more than 18 months. Democrats say it’s a win to get this far. But Republicans returned to Washington on Friday, united in opposition.
Democrats praise their bill as life-changing legislation.
“If you’re sitting at your kitchen table wondering how you’re going to pay the bills, your health care bills, your prescription drugs, this bill is for you,” said house speaker Nancy Pelosi.
The bill fights climate change and cuts the prices of some prescription drugs, and is estimated to bring in more than $300 billion in new tax revenue over a decade. But Republicans were unanimously against the bill, calling it a reckless expense.
Missouri Republican Jason Smith said it will exacerbate inflation by raising taxes on average Americans.
“So a lot of upfront spending, a lot of upfront debt, and maybe saving in eight years,” Smith said. “How is that going to put out the fire of inflation?”
Democrats rejected that claim, saying the bill will only make sure corporations and the wealthy pay the taxes they owe.
The bill now goes to the president’s office, where President Biden said he looks forward to signing it into law next week.