What They’re Saying: Inflation Reduction Act Will “Live Up To Its Name,” “Lower Costs For American Families,” & “Does Not Raise Taxes On Individual Taxpayers”

CNN: “A group of top economists… wrote in a new letter that the so-called Inflation Reduction Act will lower prices for American consumers”

Business Insider: “The Manchin-backed Inflation Reduction Act is likely to live up to its name, Moody’s economists say”

CNN: “Would be biggest legislative climate investment in US history”

News coverage is highlighting how Senate Democrats’ Inflation Reduction Act will “lower costs for American families,” “does not raise taxes on individual taxpayers at all,” will “lead to a net deficit decrease,” and would be the “biggest legislative climate investment in US history.”

See for yourself:

The legislation will “lower costs for American families.”

• CNN: First on CNN: Top economists say Democrats’ health care and climate package will put ‘downward pressure on inflation’. “Congressional Democrats’ climate and health care package is getting a boost from a group of top economists, who wrote in a new letter that the so-called Inflation Reduction Act will lower prices for American consumers amid high inflation.”
  
  
• Business Insider: The Manchin-backed Inflation Reduction Act is likely to live up to its name, Moody’s economists say. “If passed, the plan ‘will nudge the economy and inflation in the right direction,’ economists led by Mark Zandi said in a Monday research note. The $790 billion package will be fully paid for by higher taxes on corporations and wealthy households, enhanced IRS enforcement, and lower Medicare drug costs. That cash will go toward lowering ACA health care premiums, funding clean energy projects, and reducing the government’s deficit.”
  
  
• Washington Post: How the Schumer-Manchin climate bill might impact you and change the U.S. “The deal allows Medicare to negotiate drug prices for the first time and would prevent future administrations from refusing to do so. It’s a major win for Democrats, who have long pledged to lower the cost of medicines, particularly for seniors.”
  

The legislation does not raise taxes on the Middle Class.

• NYMag: Republicans Say Biden’s Plan Taxes the Middle Class. That’s False. “The plan in fact raises taxes only on corporations with an income over $1 billion. It does not raise taxes on individual taxpayers at all.”
  

The legislation is “fiscally responsible” and will “reduce the federal budget deficit.” 

• New York Times: Analysis Deems Biden’s Climate and Tax Bill Fiscally Responsible. “By the end of the decade, the bill would be reducing federal spending, compared with what is scheduled to happen if it does not become law.”
  
  
• The Hill: Democrats’ plan would decrease deficit by more than $100B: CBO. “The Congressional Budget Office (CBO) on Wednesday released estimates for Democrats’ sprawling reconciliation plan, forecasting the legislation would lead to a net deficit decrease.”

The legislation is set to be the “biggest legislative climate investment in US history.”

• CNN: Clean energy package would be biggest legislative climate investment in US history. “This package, if approved through the Senate’s reconciliation process and passed by both houses of Congress, would be more than a massive legislative win for Democrats ahead of the midterms; it would help put the US back in a global position to lead on climate alongside the EU.”
  
  
• New York Times: How the New Climate Bill Would Reduce Emissions. “A major climate and energy package announced last week in a deal by Senate Democrats would put the United States much closer to its goal of cutting global warming pollution in half by 2030, several new independent analyses have concluded.”
  
  
• Bloomberg: Ex-EPA Chiefs Back Climate Deal Heading for Senate Vote. “A bipartisan group of former EPA administrators endorsed the tax-and-climate deal Senate Democrats are moving to pass as quickly as this weekend, calling it the ‘most significant piece of climate legislation in United States history.’”

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