{"id":1609208,"date":"2022-08-16T16:32:54","date_gmt":"2022-08-16T20:32:54","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1609208"},"modified":"2022-08-16T16:36:10","modified_gmt":"2022-08-16T20:36:10","slug":"biden-signs-740-billion-inflation-reduction-act","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-signs-740-billion-inflation-reduction-act\/","title":{"rendered":"Biden Signs $740 Billion Inflation Reduction Act"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">14<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fbiden-signs-740-billion-inflation-reduction-act%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1609208&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>President <a href=\"https:\/\/www.dailywire.com\/topic\/joe-biden\" target=\"_blank\" rel=\"noopener\">Joe Biden<\/a> signed the <a href=\"https:\/\/www.dailywire.com\/topic\/inflation-reduction-act\" target=\"_blank\" rel=\"noopener\">Inflation Reduction Act<\/a> into law on Tuesday, a move heralded by the <a href=\"https:\/\/www.dailywire.com\/topic\/biden-administration\">Biden administration<\/a> as a huge win and by <a href=\"https:\/\/www.dailywire.com\/topic\/republican-party\">Republicans<\/a> as a devastating loss.<\/p>\n<p>During the bill signing on Tuesday, Biden called the legislation \u201cone of the most significant laws in our history\u201d and joked that he never had a doubt that he had Sen. Joe Manchin\u2019s (D-WV) support for the legislation.<\/p>\n<p>Manchin, who struck a deal in private on the legislation with Senate Majority Leader Chuck Schumer (D-NY), has claimed that this package will help the nation fight inflation.<\/p>\n<p>The president and his administration have promised that the act will lower the costs of energy, prescription drugs, and health care for American families, as well as combat the climate crisis, reduce the deficit, and force the largest corporations to pay their \u201cfair share of taxes.\u201d<\/p>\n<p>The legislation passed the United States\u00a0<a href=\"https:\/\/www.dailywire.com\/topic\/congress\" target=\"_blank\" rel=\"noopener\">House of Representatives<\/a> and Senate last week, allocating $740 billion toward Internal Revenue Service (IRS) funding, Affordable Care Act subsidies, green energy subsidies and tax credits, and more.<\/p>\n<p>Democrats claimed that the Inflation Reduction Act would allow Congress to pay down federal debt by leading to new federal revenue, but Republicans expressed strong concerns about the $80 billion allocated in new funding to the IRS (allowing for up to <a href=\"https:\/\/www.dailywire.com\/news\/bidens-inflation-reduction-act-would-allow-irs-to-hire-up-to-87000-new-employees-raise-taxes-report\">87,000 new IRS employees<\/a>) and argued that poorer Americans will subsequently <a href=\"https:\/\/www.dailywire.com\/news\/heres-how-much-bidens-twice-as-large-irs-could-take-from-the-middle-class\">face more audits<\/a>.<\/p>\n<p>\u201cThe law will increase historic inflation and deepen the ongoing recession,\u201d Alfredo Ortiz, president and CEO of Job Creators Network, said in a Tuesday statement. \u201cNot even the media, which is quick to echo Biden\u2019s claims, thinks the legislation will reduce inflation.\u201d<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-424904\" class=\"wp-image-424904 size-large\" src=\"https:\/\/www.dailywire.com\/wp-content\/uploads\/2022\/08\/GettyImages-1242494092-864x576.jpg\" alt=\"\" width=\"864\" height=\"576\" srcset=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/08\/GettyImages-1242494092-864x576-1.jpg 864w, https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/08\/GettyImages-1242494092-300x200-1.jpg 300w, https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/08\/GettyImages-1242494092-768x512-1.jpg 768w, https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/08\/GettyImages-1242494092-1536x1024-1.jpg 1536w, https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/08\/GettyImages-1242494092-2048x1365-1.jpg 2048w, https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/08\/GettyImages-1242494092-1800x1200-1.jpg 1800w, https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/08\/GettyImages-1242494092-1200x800-1.jpg 1200w\" \/><\/p>\n<p id=\"caption-attachment-424904\" class=\"wp-caption-text\">WASHINGTON, UNITED STATES \u2013 AUG 12: House Speaker Nancy Pelosi holds a bill enrollment ceremony for the Inflation Reduction Act at the U.S. Capitol in Washington, D.C., on Friday Aug. 12, 2022. (Photo by Sarah Silbiger for The Washington Post via Getty Images)<\/p>\n<p>\u201cThe law significantly raises taxes on job creators, including small businesses, to protect wealthy taxpayers in blue states,\u201d Ortiz said. \u201cIt adds a football stadium worth of new IRS agents to overwhelm small businesses with audits, doubles down on failing Obamacare exchanges, and threatens the innovative prescription drug supply chain.\u201d<\/p>\n<p>He added: \u201cThe law breaks Biden\u2019s promise not to raise taxes on ordinary earners and small businesses earning less than $400,000. It breaks the cardinal economic rule: Never raise taxes during a recession. Biden expects this legislation will save his presidency, but the practical\u00a0effect\u00a0on everyday Americans will only further doom it.\u201d<\/p>\n<p>On Monday,\u00a0Congressman\u00a0<a href=\"http:\/\/www.dailywire.com\/topic\/jamie-raskin\/\" target=\"_blank\" rel=\"noopener\">Jamie Raskin<\/a>\u00a0(D-MD) <a href=\"https:\/\/www.dailywire.com\/news\/next-question-democrat-rep-refuses-to-say-how-inflation-reduction-act-will-lower-inflation-video\">triggered the wrath of Republicans<\/a> by chatting about the passage of the Inflation Reduction Act until he was asked to\u00a0point to a specific provision that would act to lower inflation.<\/p>\n<p>\u201cAs soon as the act goes into effect, I hope that all of the provisions will begin to work,\u201d he said. \u201cI know that those who have been blaming President Biden for the inflation going up are now giving President Biden all the credit for inflation going down. So we\u2019re moving things in the right direction already.\u201d<\/p>\n<p>\u201cAnd what parts of the bill do you think will put \u2014 will work on that specifically?\u201d a reporter asked Raskin.<\/p>\n<p>\u201cNext question,\u201d he responded, shaking his head.<\/p>\n<p>During an interview with Jonathan Karl on ABC\u2019s \u201cThis Week,\u201d\u00a0White House Press Secretary\u00a0Karine Jean-Pierre\u00a0also <a href=\"https:\/\/www.dailywire.com\/news\/isnt-it-almost-orwellian-abc-anchor-spars-with-wh-press-sec-over-whether-inflation-reduction-act-reduces-inflation\">struggled<\/a> with addressing how the act would bring inflation down.<\/p>\n<p>Karl asked her: \u201cBut let me ask you, it\u2019s called the \u2018Inflation Reduction Act,\u2019 but the Congressional Budget Office, which is nonpartisan, said that there would be a negligible impact on inflation this year and barely impact inflation at all next year. Isn\u2019t it almost Orwellian? How can you call it \u2018inflation reduction\u2019 when the nonpartisan experts say it\u2019s not gonna bring inflation down?\u201d<\/p>\n<p>\u201cLook, here\u2019s the thing. We have 126 economists, both Republicans, both Democrats who have said it\u2019s going to fight inflation, five former secretaries of treasury,\u201d Jean-Pierre said.<\/p>\n<p>\u201cSo you disagree with the assessment of the CBO?\u201d Karl asked.<\/p>\n<p>\u201cWell, there\u2019s more to it than that,\u201d she said, before arguing that Republicans are maliciously framing the issue in this way.<\/p>\n<p><em>Virginia Kruta contributed to this report.<\/p>\n<p><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>President Joe Biden signed the Inflation Reduction Act into law on Tuesday, a move heralded by the Biden administration as a huge win and by Republicans as a devastating loss. During the bill signing on Tuesday, Biden called the legislation \u201cone of the most significant laws in our history\u201d and joked that he never had &#8230;<\/p>\n","protected":false},"author":1,"featured_media":1898589,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1609208","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1609208","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1609208"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1609208\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1898589"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1609208"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1609208"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1609208"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}