[Congressional Record Volume 168, Number 148 (Wednesday, September 14, 2022)]
[House]
[Page H7795]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                          ECONOMY IS CRATERING

  (Mr. MOORE of Alabama asked and was given permission to address the 
House for 1 minute.)
  Mr. MOORE of Alabama. Mr. Speaker, President Biden's Inflation 
Reduction Act is bringing fire and rain to the White House and to the 
American people.
  Yesterday, Biden and a host of celebrities and politicians, 
highlighted by a James Taylor serenade, celebrated their Inflation 
Reduction Act even as the economy cratered in real time.
  As the President spiked the football on his supposed accomplishment, 
the Dow tanked nearly 1,300 points and the Consumer Price Index rose to 
8.3 percent.
  President Biden and Speaker Pelosi have taken every opportunity to 
herald deficit reduction, the so-called Inflation Reduction Act, and 
what it would provide. But the nonpartisan Congressional Budget Office 
just updated the score on the new law, and it is worse than we thought. 
The reckless government spending on the Green New Deal policies in this 
bill will increase our deficit spending through 2026.
  This means the IRS will need to take an additional $60 billion from 
middle-class Americans through increased audits to pay for this out-of-
control spending.
  It shouldn't surprise anyone that we are already suffering the 
negative effects of this spending. But Democrats are basking in the 
sunshine of their political accomplishment despite the economic storm 
it brings for the American people.
  Remember: Democrats aren't just taking more money out of your wallet; 
they are celebrating it.

                          ____________________