THE RIGHT NEWS

18.3 C
New York
Wednesday, August 17, 2022

Latest Posts

Inflation Reduction Act ‘Actually Going to Reduce the Deficit’ by $300 Billion

Inflation Reduction Act ‘Actually Going to Reduce the Deficit’ by 0 Billion



Senator Angus King (I-ME) on Friday sounded off about the Democrats’ so-called “Inflation Reduction Act,” which economists and the Congressional Budget Office agree would not do much to reduce the record-high inflation.

King argued that the legislation would “reduce the federal debt by $300 billion,” which is why it held his support and the backing of Senators Joe Manchin (D-WV) and Kyrsten Sinema (D-AZ).

“This is actually going to reduce the deficit,” King outlined. “In fact, one of the provisions in the bill is to reduce the federal debt by $300 billion. So, that was one of the things that Joe Manchin and I and others insisted be part of the bill. So, yeah, I don’t think there is going to be any problem on the numbers side. There is some sort of in-the-weeds issues about what you can do in a reconciliation bill in terms of policy, and that’s what the parliamentarian is working through this week, but that was a big deal last night, that we now appear to have a final deal that you’re going to have 50 votes for.”

“I think it looks good,” he added. “I mean, this is the same process, for example, that the Republicans used five years ago for the massive tax cuts for corporations. So, I think it’s going to clear those hurdles.”

Follow Trent Baker on Twitter @MagnifiTrent





Source link

Latest Posts

Don't Miss

news digest

Get updates on todays breaking news and special announcements.