Alexandria, VA – CPAC Chairman Matt Schlapp released the following statement in response to the White House’s announcement President Biden will sign the “Inflation Reduction Act” Tuesday:

“President Joe Biden will hurt hard working Americans when he signs the Democrats’ $700 billion spending bill falsely named the ‘Inflation Reduction Act.’

“It makes inflation worse by juicing government spending while further crippling the U.S. fossil fuel industry with the ratcheting up of the war on oil through the delusion of the Green New Deal. The socialists in Congress are using the tax code to propel the notion that we can run the world’s largest, but faltering economy on bicycles, windmills, and solar panels.

“This bill won’t solve the inflation crisis and will instead cost the middle class $20 billion in new taxes, according to the Congressional Budget Office.

“The legislation is a dishonest bait-and-switch. It has nothing to do with helping Americans at the grocery store and has everything to with lining the pockets of the Democrats’ friends in the ‘green’ industry. Spending hundreds of billions of dollars on initiatives like reducing the amount of cow flatulence is not what Americans need right now.”

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