First on Fox: Sen. Lindsay Graham, RS.C. He wants to know the extent of the impact of Democrats’ recently announced reconciliation bill aimed at reducing inflation and addressing climate change, and asked the Congressional Budget Office to assess the impact of the $433 billion law.
“The American people and members of Congress deserve more information before moving forward with this reckless proposal to raise taxes and increase spending. I have many questions about the current fragile state of our nation’s economy and the potential impact of this latest reconciliation proposal,” Graham wrote to the CBO in a letter obtained by Fox News Digital.
Graham specifically asked the CBO whether the U.S. is currently in a recession, given that gross domestic product (GDP) has contracted for two consecutive quarters this year. Department of Commerce announced earlier on Thursday.
With inflation at a 40-year high, Graham asked the CBO to conduct a special analysis of “what impact this law will have on consumer price inflation” over the next few years.
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Democrats say the Inflation Relief Act would reduce inflation by raising an estimated $739 billion in revenue — $433 billion of which would be spent on climate and energy programs and increasing Affordable Care Act subsidies — and help reduce the deficit, according to Sen. Joe Manchin, DW.Va. ., and Senate Majority Leader Chuck Schumer, DN.Y. Increased IRS enforcement as well as a 15% minimum corporate tax, Republicans are loathe to consider.
Graham asked the CBO to analyze the effect of corporate taxes on business investment and GDP.
“Time is of the essence in answering these important questions,” Graham said.
“Record high inflation isn’t just a government agency number,” Graham said. “Inflation is eroding the quality of life for everyday working people in South Carolina and across the United States. Inflation negatively affects families struggling to buy gas, pay for food and deal with the uncertainties of life. Every expense in the family budget is going ip at an incredible rate. I fear It seems that this latest tax and spending proposal will only add to the misery of the American people.
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The CBO provides formal cost estimates for nearly every bill proposed in Congress, but a spokeswoman told Fox News they could not provide a timeline for an initial estimate of a bill’s costs.
The Manchin-Schumer deal includes measures to increase energy independence and “address the climate crisis by cutting carbon pollution by roughly 40 percent by 2030,” House Speaker Nancy Pelosi said in a letter to Democratic House members.
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In a statement Wednesday, Manchin urged colleagues to “put away the partisan swords and advance legislation in the interests of the future of this nation and the American people — not just one party.”
“The question for my colleagues is whether they are willing to put aside their electoral politics and embrace a commonsense approach that the majority of Americans support and that will best serve the future of this country,” Manchin added.