Political Quotes

“I come to the floor this evening to talk about the partisan reconciliation legislation that is before us tonight. It is named the Inflation Reduction Act, but that is misnamed because, unfortunately, it does not reduce inflation; it actually makes things worse. When you are at the gas pump or at the grocery store or buying something anywhere today, you are feeling the sticker shock. Yet this legislation is going to make it even worse. It adds $700 billion more in spending and over $300 billion more in new taxes at the worst possible time, increasing costs to consumers and actually making inflation worse. The nonpartisan Penn Wharton Budget Model that a lot of us have used over the years to look at various legislation predicts that it will actually increase inflation over the next 2 years. While over time it says that may even out, it won't decrease inflation as the name suggests and the bill sponsors claim. Why? Well, primarily because when you put $300 billion-plus of new taxes in the economy, it actually hurts workers and it hurts consumers. Yes, they are saying it is going to go to companies, but what happens then? Companies pass it along. And at a time when we have the worst inflation in over 40 years, that is bad for the economy. The nonpartisan Joint Committee on Taxation that we have to rely on here in Congress--not a partisan group but nonpartisan--says this bill will hurt Americans in nearly every tax bracket.…”