Economy is Cratering

Floor Speech

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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.

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