Today, President Biden and House Democrats will take a victory lap today for his reckless Inflation ‘Expansion’ Act. This bill contains the very reckless spending and failed Far-Left policies that have already plunged our economy into a recession, stolen wages from America’s workforce, destroyed seniors’ retirement savings, and left America’s families with the highest food prices since 1979. Now, Joe Biden is doubling down.
BIDEN’S INFLATION EXPANSION ACT:
- President Biden and House Democrats’ Inflation Expansion Act will:
- INCREASE our deficit through 2026, further fueling the skyrocketing inflation facing America’s families.
- Increase energy costs with a natural gas tax, which was confirmed by the CBO this month.
- Spend $80 billion to allow the IRS to hire 87,000 new agents to target American families and businesses.
- Cut as many as 30,000 jobs in the midst of the Biden Recession.
- Raise taxes on millions of Americans in every income bracket and businesses when Americans are already paying more for just about everything.
- Spend over $350 billion in “Green New Deal” initiatives and an American energy tax that will worsen our energy crisis.
- Does nothing to tamp down the inflation crisis that is robbing the paychecks of hardworking Americans and would actually increase inflation in the near term, and in fact studies have found that this bill would actually increase inflation in the near term.
MAKE NO MISTAKE: In a new majority, House Republicans have made a commitment to an economy that is strong—and that begins with reining in Biden and House Democrats’ reckless spending.