Republicans denounce budget reconciliation bill amid fears of worsening inflation

BISMARCK, N.D. (KFYR) - As the Senate nears recess, Democrats are looking to push a budget reconciliation bill through that they say will curb inflation. Republicans are concerned it will do the opposite.

President Biden called the $739 billion “Inflation Reduction Act” the strongest bill they can pass to lower inflation. Republicans like Senator Steve Daines (R-MT) warn that several parts of the bill include raising taxes for low and middle class families, while harming the energy sector.

“Right when we need lower gas prices, they are going to raise taxes on American energy producers. They do not understand how the economy works. That is going to result in higher taxes. This is bad for Montana, this is bad for our pocketbooks, and it’s bad for the economy,” said Daines.

Governors Doug Burgum (R-ND) and Greg Gianforte (R-MT) are also concerned about how the bill would affect working families.

“The Democrats’ solution to 40-year high inflation is passing another reckless tax and spending spree to the tune of $740 billion, affecting Americans in every tax bracket. While denying recession, Democrats want to raise taxes on businesses and manufacturers, which will force higher costs onto consumers, worsen inflation, and aggravate shortages,” the governors said in a joint statement.

The Senate is set to adjourn for recess on Monday, August 8 and will not return until September 6.