The Inflation Reduction Act will add more fuel to the “inflation fire,” a study of the bill’s provisions by a top Republican lawmaker showed Tuesday.
Rep. Jason Smith (R-MO), the ranking member of the House Budget Committee, released a fact sheet on Tuesday detailing how the Inflation Reduction Act uses budget gimmicks to and false sunsets to hide the true cost of Manchin’s alleged deficit reduction bill.
“ Let no one deceive you with empty words, for because of these things the wrath of God comes upon the sons of disobedience.” Ephesians 5:6
For instance, the Inflation Reduction Act would extend enhanced Obamacare subsidies for three years, which would cost $64 billion; however, if the program were extended to a ten-year window, the provision would cost $248 billion.
The legislation would also create $369 billion in climate change and energy security-related programs. The House Budget Committee Republicans found that the bill would cost well over $400 billion if the two-year sunsets were eliminated.
The legislation would also spend $80 billion to supersize the IRS’s ability to audit Americans’ taxes.
All in all, Smith said that this bill would create $114 billion in new debt when accounting for Manchin’s fake budget gimmicks and arbitrary offsets.
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