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Democrats, who passed their Social Spending and Taxes bill on Friday, declined to say exactly when they think the legislation will start cutting inflation, but they’ve been adamant, particularly on energy and healthcare.
The comments come as Democrats tout the Inflation Reduction Act bill as one of their key legislative accomplishments of this Congress. The law would generate over $700 billion in tax revenue and spend more than $400 billion. It is now awaiting President Biden’s signature.
But analysis of the bill says it would have very little, if any, impact on inflation. Even Senator Bernie Sanders, I-Vt., said the bill “will actually have a minimal impact on inflation.”
Several Democrats speaking to Fox News Digital on Friday disagreed, though some didn’t say exactly when Americans will feel the effects of the bill.
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Rep. Debbie Dingell, D-Mich., stressed the healthcare bill’s provisions in an interview with Fox News Digital. She said Americans are noticing the impact of the Inflation Reduction Act when they “see the cost of their drugs coming down, if people pay for affordable care it will continue to be something they can afford in the stock markets.” . ”
Concerning that the bill won’t lower inflation, including Sanders, Dingell said she thinks he and other skeptics would be surprised.
“I have a lot of respect for Sen. Sanders, but this is the largest single investment in healthcare and the environment that we’ve made in decades,” she said. “And I think we will see the results.”
Rep. Jamie Raskin, D-Md., said he hoped the law would bring immediate relief to Americans. But when or how that would happen, he didn’t reveal.
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“Once the law goes into effect, I hope all the provisions will start to take effect,” Raskin said. “I know that those who blamed President Biden for rising inflation are now giving President Biden all the credit for the fall in inflation.”
When asked which parts of the bill will act quickly to reduce inflation, Raskin said “next question”.
House Democratic Conference Chairman Hakeem Jeffries, DN.Y., touted the health care and energy bill’s provisions as measures to reduce inflation. But he did not specify when Americans will begin to feel the effects of these provisions.
“This legislation will at least have a positive impact on energy costs, health care costs and high prices for life-saving prescription drugs,” Jeffries said.
“Our focus now is on getting the legislation passed,” Jeffries said at the time of reducing inflation. “Gas prices have fallen every day for seven straight weeks this summer. Inflationary pressures appear to be easing after the July report. Job growth remains at record levels.”
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MP Jamaal Bowman, DN.Y., also mentioned the drop in gas prices in recent weeks when asked when the Inflation Reduction Act will come into force. “We hope that the other effects will take effect immediately,” he said.
Bowman, one of the most vocal progressives in the House of Representatives, added that the bill “will reduce inflation by making sure businesses pay their fair share and by making sure money is invested in the American people and people are working.” , all work .”
Rep. Mark Takano, D-Calif., also highlighted gas prices, which recently fell below $4 a gallon statewide. And he said even if the Inflation Reduction Act isn’t perfect, he believes it will help people.
“I think the markets are already getting tremendous signals,” Takano told Fox News Digital. “There are many things that are important to bingo. But I think Americans will be more optimistic because they see a lot of signals coming together.”
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Takano added, “They want the leaders to try. And these things might not hit the mark in the end. But Americans want to see their leaders trying to do something.”
Democratic Congressional Campaign Committee Chairman Sean Patrick Maloney, DN.Y., didn’t stop to respond to Fox News Digital’s question about when Americans will feel the effects of the Inflation Reduction Act. But he gave a curt answer.
“Can’t happen soon enough,” he said.