The House Rules Committee voted to bring the Inflation Reduction Act to the House floor on Friday, clearing the budget reconciliation bill’s last hurdle before likely passing Congress.
The Wednesday committee hearing saw Democrats praise the bill for taking aggressive climate action, lowering medical costs, and decreasing the deficit, while Republicans blasted it as misleading and irresponsible to pass such a large spending bill during a recession. The Senate passed the IRA on Sunday after an intense all-night vote series.
INFLATION TICKS DOWN TO 8.5%, BOLSTERING HOPES IT MAY BE CRESTING
“The inflation reduction act is the strongest possible version of this bill that can make it to the president’s desk,” said Rules Committee Chairman Jim McGovern (D-MA). “We are taking action on drug prices, [cutting] medical costs, and [providing] cheaper, cleaner energy, all while siding with American families over special interests and putting people over politics. To put it plainly, this is a big deal.”
Committee Republicans and witnesses said there was nothing in the bill that will bring down inflation and that the tax provisions will increase the load on middle-class taxpayers and small businesses.
“All the available evidence is that this bill will make inflation worse, not better,” said ranking member Tom Cole (R-OK). “It will deepen and lengthen the recession we are in, and we cannot tax or spend our way into lower inflation. Rather than compounding the same error the majority made last year, we should reject these policies and reject this bill.”
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The consumer price index analysis for July found that inflation over the past year was 8.5%, down from June’s 9.1%. While still high, the fact inflation didn’t worsen over the last month may ease the already near-assured passage along party lines in the House on Friday.
This Rule Committee hearing was the first since member Rep. Jackie Walorski (R-IN) died in a car crash along with two aides last week. The hearing opened with members honoring her legacy on the committee.
