That’s it, folks. Senator Kyrsten Sinema (D-AZ), our last line of defense to blocking Biden’s Build Back Better Lite deal has sucummed to the pressures of the radical Left and has agreed to sell out America in exchange for pushing Biden’s climate change agenda forward.
The bill, titled the “Inflation Reduction Act,” resurrected parts of Biden’s massive “Build Back Better” agenda after Sen. Joe Manchin (D-WV) agreed with Senate Majority Leader Chuck Schumer (D-NY) on the package last week. Sinema was the last Democrat to hold out on the bill due to its carried tax increase provision before an agreement was made Thursday to remove the provision, according to Daily Wire.
“We have agreed to remove the carried interest tax provision, protect advanced manufacturing, and boost our clean energy economy in the Senate’s budget reconciliation legislation,” Sinema said, according to Fox News. “Subject to the Parliamentarian’s review, I’ll move forward.”
Daily Wire went on to report that the spending package includes tax increases on billion-dollar corporations and the largest legislative climate spending in U.S. history at $369 billion. Manchin’s surprising agreement to the bill came after he shot down Democrat attempts at pushing through Biden’s agenda, and reportedly told Democratic leaders he would “unequivocally” refuse to support legislation related to climate change and tax increases.
Manchin claims that reconciling with Democrats on this package will help the country fight inflation, but findings from the Penn Wharton Budget Model now bring that claim into question. If signed into law, the “Inflation Reduction Act” could result in the exact opposite of what its name suggests, as it is estimated to slightly increase inflation over the next two years, according to the Penn Wharton study.
“The Act would very slightly increase inflation until 2024 and decrease inflation thereafter. These point estimates are statistically indistinguishable from zero, thereby indicating low confidence that the legislation will have any impact on inflation,” the Penn Wharton Budget Model found.
The study went on to explain that inflation could rise by 0.05% over the next two years before a marginal drop of 0.25% “by the late 2020s,” rendering the spending package basically ineffective at accomplishing its purpose, per the Daily Wire.