[Congressional Record Volume 168, Number 129 (Tuesday, August 2, 2022)]
[Senate]
[Page S3839]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]



                        Inflation Reduction Act

  Mr. President, now on the Inflation Reduction Act of 2022, the Senate 
is on track to consider passing the groundbreaking and truly historic 
Inflation Reduction Act later this week.
  I want to thank the Office of the Senate Parliamentarian and all of 
the committee staff on both sides of the aisle for their tireless work 
on the Byrd bath process that is currently underway. All text and CBO 
and JCT scores have been submitted for review in this process. The 
Parliamentarian and her team have dedicated long hours on our 
legislation, and I think I can speak for all Senators in thanking them 
for their work. We are on schedule to consider this bill later this 
week.
  The more that people learn about what is in the Inflation Reduction 
Act, the more they find reasons to praise the bill and the more absurd 
the Republican attacks sound.
  This morning, a group of 126 leading economists--including 7 Nobel 
Prize winners, 3 former Chairs of the Council of Economic Advisers, and 
2 former Treasury Secretaries--wrote a letter to congressional leaders 
calling for swift passage of our bill. They found that our bill ``will 
fight inflation and lower costs for American families while setting the 
stage for strong, stable, and broadly-shared long-term economic 
growth.''
  That is seven Nobel laureates, three former Chairs of the CEA, two 
former Treasury Secretaries. Let me read it again. This bill will 
``fight inflation and lower costs for American families while setting 
the stage for strong, stable, broadly-shared long-term economic 
growth.''
  Another analysis from the Committee for a Responsible Federal 
Budget--hardly a liberal organization--began with the headline that:

       The Inflation Reduction Act will HELP FIGHT INFLATION.
  They believe it is aptly named. It is.
  The headlines go on and on and speak for themselves.
  The New York Times--this is a headline:

       Analysis Deems Biden's Climate and Tax Bill Fiscally 
     Responsible.

  CNN:

       Top economists say Democrats' health care and climate 
     package will put ``downward pressure on inflation.''

  The Hill:

       Economists say reconciliation bill will lower prices for 
     all Americans.

  These are just a few examples out of many. They join right alongside 
other voices like that of former Treasury Secretary Larry Summers, the 
Republican leader's favorite inflation expert, who said our bill is 
``directly fighting the rate of inflation.''
  They join voices like that of Mark Zandi, Moody's top economist and 
former adviser to Senator John McCain, who said that our bill would 
have a ``material beneficial economic impact'' and ``will push 
inflation lower.''
  Taken together, these voices say the same thing: The Inflation 
Reduction Act will lower costs, fight inflation, and secure historic 
wins in the fight against climate change.
  Now, Republicans have spent the last few days launching the same 
stale, predictable, and alarmist attacks they use against virtually any 
Democratic proposal, regardless of the facts. They claim that our bill 
is some crazy tax hike for the vast majority of Americans. Balderdash. 
This is the Republican bunk. They want to only help the rich when it 
comes to taxes. And when we do something against the rich, they howl.
  Our bill does not increase any taxes for small businesses and 
families making under $400,000 a year. Let me say that again. Our bill 
does not increase any taxes for small businesses and families making 
under $400,000 a year. What we will do is close loopholes that the 
largest businesses in this country have long abused to bring their tax 
rate down, sometimes to nothing. If nurses and firefighters and 
teachers pay their fair share of taxes, so, too, should 
megacorporations. Americans don't think that is crazy. It is just 
common sense.
  Here is the truth. Republicans will say anything to smear our 
proposal because they know they are on the wrong side of many of the 
issues our bill would solve.
  Republicans know they are on the wrong side of taxes after the 
American people rejected their sweeping boondoggle of a tax bill that 
overwhelmingly went to the wealthy and the largest corporations.
  Republicans know they are on the wrong side of healthcare and 
prescription drug reform after spending years trying to repeal 
healthcare while cozying up to Big Pharma. Republicans don't have good 
answers for a bill that will finally bring drug costs down.
  And Republicans know they are on the wrong side of the climate 
debate. This bill is going to make the biggest investments in clean 
energy ever, which will not only reduce emissions by roughly 40 percent 
but will also help prevent nearly 4,000 needless deaths and 100,000 
asthma attacks each year. Republicans, who have bowed down for years to 
our Nation's biggest polluters, know they have little credibility with 
the American people when it comes to climate.
  The American people do not want to hear the same fearmongering over 
and over again from Republicans. They actually want us to take steps to 
bring costs down. They want us to preserve our planet for future 
generations. They want to make sure everyone plays by the same rules on 
taxes and everything else. They want to have high-quality healthcare 
without worrying about going bankrupt.
  The Inflation Reduction Act is going to take meaningful steps on all 
these issues, and Democrats will pass the bill in the coming days.
  I yield the floor.