LaHood warns landmark climate, health legislation will harm U.S. economy
PEORIA (25 News Now) - The federal climate and health care bill, also dubbed the “Inflation Reduction Act” is anything but an inflation fighter, according to Central Illinois Republican Congressman Ray LaHood, who represents the 18th District.
The House passed the landmark legislation on a 220-207 party line vote.
Its pillar is about $375 billion over 10 years to encourage industry and consumers to shift from carbon-emitting to cleaner forms of energy.
Another $64 billion would help 13 million people pay premiums over the next three years for privately bought health insurance.
Medicare beneficiaries’ out-of-pocket prescription costs would be limited to $2,000 starting in 2025, and beginning next year would pay no more than $35 monthly for insulin, the costly diabetes drug.
LaHood, who’s from Dunlap, said in a news release the so-called “Inflation Reduction Act” will “raise taxes, kill American jobs, and target working families with a supercharged IRS.”
LaHood released the following statement:
“The historic inflation crisis is hitting Illinois families hard, with the cost of everyday necessities – food, fuel, and electricity – rising significantly since President Biden took office. Instead of reducing inflationary spending, the Biden Administration is doubling down on their failed economic agenda that launched us into a recession. The so-called “Inflation Reduction Act” is filled with tax hikes that will harm working families, manufacturers, and Main Street businesses. This bill targets low and middle income families by creating a supercharged IRS with unprecedented new audit and enforcement authorities, adds more government into healthcare choices, limits new lifesaving cures, and prioritizes Green New Deal spending over measures that would reduce inflation. As our economy enters a recession and Illinois families face an inflation crisis, the so-called “Inflation Reduction Act” is the last thing we need.”
The legislation earlier passed the Senate, with Vice President Kamala Harris casting the deciding vote. It’s now ready for President Biden’s signature.
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