House Republican Conference Speaker Elise Stefanik accused Senate Democrats Monday of “doubling down” on policies that have led to high prices and consecutive quarters of negative economic growth with their multi-billion dollar climate change, health care and tax plan. .
The No. 3 House GOP leader denounced the Inflation Reduction Act as “radical” in a statement to DailyMail.com amid party-wide Republican criticism of the bill.
Critics argue that the $430 billion in new legislation spending and about $740 billion in new revenues will increase costs for American families, as a growing number of economic experts warn that the US is already in a recession.
Stefanik, as expected, told DailyMail.com that she will vote against the bill when it reaches the House of Representatives this month.
The radical spending bill of ‘Democrats’ will raise taxes and crush hardworking families and small businesses at a time when Americans can afford it the least,” the New York legislator said.
While every American family is already suffering historic inflation as a direct result of reckless spending by the one-party Democratic government in Washington, Democrats are doubling down on their failed agenda to spend billions more and increase inflation.
“I will strongly oppose these tax hikes and vote against the Democrats’ radical spending bill.”
Meanwhile, Republicans are also warning Democrats that they will pay a political price after the Senate passes the bill 51 to 50 late Sunday afternoon.
GOP representative Kevin Hern told DailyMail.com that the two moderate Democrats in the Senate, Joe Manchin of West Virginia and Kyrsten Sinema of Arizona, were “played with” by more progressive members of their party to vote for the bill.
Republican Representative Elise Stefanik explained in a statement to DailyMail.com why she will vote ‘no’ when Democrats’ inflation-cutting bill reaches the House of Representatives
‘What we saw in the Senate this weekend was a masterclass in deception and misinformation. Manchin and Sinema were played. They just voted to raise taxes – in the midst of a recession – less than 100 days before a crucial election,” Hern said.
But the bill will likely still pass by the Democrat-dominated House of Representatives after House Speaker Nancy Pelosi promised lawmakers “will come back and act quickly to send this bill to the president’s desk.”
It comes after President Joe Biden suggested he was confident the Senate Democrats’ Inflation Reduction Act will help his party’s uphill battle to retain a majority in Congress next year.
The midterm election forecasts in November had been looking bleak for Democrats for months, but the commander in chief told reporters en route to Kentucky that Americans would immediately feel the benefits of the bill if signed into law.
‘Do I expect it to help? Yes I do. It’s going to help right away,” Biden said when asked about the upcoming election, according to CNN.
He reportedly emphasized the bill’s Medicare limit for out-of-pocket drug costs.
But other measures may take longer to take effect.
Democrat Senator Chris Coons of Connecticut suggested the legislation could take “a year or more” to curb inflation during an interview on ABC News’ This Week.
President Joe Biden said the bill would have some “immediate” effects during comments to reporters Monday
He suggested it could boost Democrats’ chances in the approaching midterm elections in November
Biden spoke to the press as he addresses storm and flood damage in Kentucky
No GOP senators signed the bill, which was passed through a budgetary process known as reconciliation — meaning the party in power can bypass the required 60-vote threshold to pass a bill by a simple majority. Vice President Kamala Harris cast the casting vote in the evenly divided chamber.
Republican National Committee chairman Ronna McDaniel warned the fallout could hit President Joe Biden’s party in the approaching midterm elections.
“Democrats will pay the price in November for raising taxes on families during a recession,” McDaniel said in a statement.
House GOP leader Kevin McCarthy was also skeptical of the bill’s economic benefits.
Congress should focus on the rising price of gas, groceries and just about everything else. But the Democrats don’t have a plan to fix the problems they’ve created,” House minority leader Kevin McCarthy said Sunday night.
“Instead, they voted on a 700-page spending wave that would raise taxes, hire 87,000 IRS agents and raise inflation.”
Meanwhile, Republicans in the House of Representatives, where the bill proposes the following, are already blowing it and warning it will raise taxes on Americans
The Senate passed the Inflation Reduction Act along party lines on Sunday after a session lasting more than 16 hours
Senate Majority Leader Mitch McConnell tore in a statement after Sunday’s vote over the bill’s passage
The bill, called the Inflation Reduction Act of 2022, is the largest investment ever in green energy. It is also expanding the Affordable Care Act grants and is expected to add 87,000 additional IRS employees over a 10-year period.
That’s more than double the current workforce of about 78,000, but that’s before taking into account employee losses over the decade.
Last week, GOP members of the Senate Finance Committee ordered a study by the impartial Joint Taxation Committee that failed to take into account certain key data points that predicted the bill would lower taxes on millions of Americans in every income bracket. to increase.
Details on the 2022 Inflation Reduction Act
Senators Joe Manchin and Chuck Schumer’s new bill will bring in $739 billion in new revenue through several proposals:
$313 billion by introducing a minimum corporate tax rate of 15 percent
$288 Billion by Enabling Medicare to Negotiate Lower Drug Prices
$124 Billion Due to Strong IRS Tax Enforcement
$14 billion from closing the loophole for money managers
GOP wins in the bill:
Republicans forced Democrats to cut bill from bill that would cap price of insulin to $35
Senator John Thune’s amendment exempts some companies from the recently passed 15 percent corporate tax minimum
The bill also includes $433 billion in new spending:
$369 billion in energy security and climate change
$64 billion to extend health care subsidies for the Affordable Care Act
All this would leave $300 billion to reduce the deficit
Senate Leader Mitch McConnell also called on Democrats to pass the bill under the current economic conditions.
“With straight faces, Democrats argued that the damage from their first reckless tax and spending wave was a good excuse to ram through another,” McConnell said in a statement after voting against the bill.
The reaction of ‘Democrats’ to the recession they have caused is massive tax hikes that cost jobs and double the IRS.”
However, former President Donald Trump accused McConnell of not stopping the passage.
The long-time Republican leader and the ex-president’s fragile relationship has been broken forever in the wake of last year’s US Capitol riots. Since then, McConnell has become a favorite punching bag of Trump. The former president has reportedly even made unsuccessful attempts to remove McConnell from his leadership role in the Senate.
“Mitch McConnell has been played like a violin by the Senate Democrats today,” Trump wrote on his app Truth Social on Sunday.
“First he gave them the fake infrastructure Bill, then Guns, never used the debt ceiling for negotiation purposes (gave it away for NOTHING!), and now this. Mitch has no idea – he’s soooo[sic] bad for the Republican Party!’
The legislation was passed Sunday afternoon after about 4 hours of non-stop voting-a-rama.
Under the rules of reconciliation, the bill cannot be finalized until after unlimited rounds of amendment proposals — which Republicans used to force Democrats to vote on difficult issues such as crime, the border and China’s economic threat.
The GOP’s only victories have been in forcing Democrats to remove a $35 cap on insulin prices for all Americans and add a loophole to the minimum rate of 15 percent of corporate taxes.
Utah Republican Senator Mike Lee wrote on Twitter: “Democrats decided to ignore inflation and spend billions beyond our means while rejecting nearly every Republican attempt to protect taxpayers.”
His colleague GOP Sen. Joni Ernst also agreed on the platform: ‘We are in a recession. Inflation is at its highest point in 40 years. Do the Democrats really think now is the time to raise taxes and spend billions more? Yes they do. And their reckless #TaxAndSpendSpree is proof.”
Louisiana Sen. John Kennedy released a video aimed directly at the moderate Democrat Manchin for his leadership on the legislation.
“As a result of Senator Manchin’s bill, and I hope I’m wrong on this, I predict that Joe-flation, as some people call it, will now refer to Joe Manchin and not President Biden,” Kennedy said.