On the recordAugust 12, 2022
This bill will not reduce inflation. It will pull us deeper into the current recession and take America further in the wrong direction. It is simply more government and less freedom. In the past year, inflation has exceeded 13 percent, and real wages have effectively fallen by 4.5 percent. The Federal Reserve and Big Government combined to fuel inflation, and now people are being crushed by these high prices. You cannot spend your way out of inflation. But that is exactly what this bill tries to do with $745 billion in new spending. It raises taxes in a recession. And it gives more than six times the agency's current annual budget for the IRS. It is going to more than double audits on families. Instead of addressing the 32 percent increase in energy prices by increasing domestic production, this bill spends billions on Green New Deal pet projects like a $27 billion EPA-run Climate Bank and a $250- billion federally run Department of Energy loan program. Madam Speaker, I urge my colleagues, please oppose this bill.
