Rep. Jim Banks: This bill 'will make inflation worse'
Rep. Jim Banks, R-Ind., slams the Biden administration for misleading the American public about fixing inflation with a massive spending bill
Rep. Jim Banks, R-Ind., slammed Democrats on ‘The Faulkner Focus’ Wednesday for misleading the American public about reducing inflation with a new spending bill. Banks said the more he looks into the actual legislation, which was signed by President Biden Tuesday, the "worse" it gets.
MANCHIN ADMITS 'INFLATION REDUCTION ACT' WON'T TAME INFLATION FOR AMERICANS ANYTIME SOON
JIM BANKS: It should be illegal to name a bill, something that it doesn't do. And this is one of many cases where the Democrats get away with this. Go back and think about bills like the Affordable Care Act to the Inflation Reduction Act. This is misleading to the American people, and there should be a rule in Congress that makes it against the rules of the House or the Senate to do what the Democrats have done this time, again. So I'll tell you one thing that I did do. I introduced a bill in Congress with Senator Rick Scott that would require the CBO to measure the inflationary impact on all the bills that we pass. The CBO tells us how much it will cost, but it doesn't measure inflation. And what happened was when I introduced it in the House, Senator Scott introduced it in the Senate, the Democrats shot it down. And now you know why they don't want that to be measured by the CBO, because they know that in cases like this, it will show that their bills actually make inflation worse. And the more you dig into this bill, the worse it is. It taxes natural gas. So it means that you're going to pay more for energy. It's going to kill energy jobs in America. And then on top of that, the 87,000 new IRS agents, Notre Dame's football stadium couldn't hold 87,000 new IRS agents. And they're coming after working-class Americans, $20 billion in new taxes on them. And IRS agents are coming after people who work hourly, make a good living. And that's what the Democrats support. So the more you learn about it, the more reason there is to be very cautious and wary of what the Democrats have put forward in this case.
WATCH THE INTERVIEW BELOW:
Get all the stories you need-to-know from the most powerful name in news delivered first thing every morning to your inbox