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The Inflation Reduction Act, to which Sen. Joe Manchin and Majority Leader Chuck Schumer agreed Wednesday, is what the country needs now. It will help address one of the world’s biggest long-run challenges, climate change, while making progress on inflation. At the same time it will help protect the most vulnerable by extending tax credits for healthcare.
Some critics claim the bill actually raises inflation. They may be thinking of President Biden’s defunct Build Back Better proposal, which was much larger and would have increased the deficit over the next five years. The Inflation Reduction Act is fundamentally different. It’s smaller and contains no large upfront deficit increases.
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