Senate Passes ‘Inflation Reduction Act’, but It’s Expected to Increase Inflation

Senate Democrats are celebrating a legislative victory, but critics say it will come back to haunt them.

The Biden administration says the new bill fights climate change, lowers medical costs, and reduces inflation. Opponents warn it includes tens of billions for the IRS
as well as tax hikes, which will only make a bad economy worse.

With the Senate split 50/50 along party lines, Vice President Kamala Harris cast the tie-breaking vote on the $740 billion ‘Climate, Health, and Tax Bill,’ also called “The Inflation Reduction Act.”

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