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Democrats who passed the Social Spending and Taxation bill on Friday did not say exactly when they expected the legislation to start reducing inflation, but they were adamant that it would happen, especially on energy and health care.
The comments come as Democrats are touting the bill, the “Lower Inflation Act,” as one of their top legislative accomplishments this Congress. The bill would raise more than $700 billion in tax revenue and spend more than $400 billion. It now awaits President Biden’s signature.
But an analysis of the bill shows that it will have very little, if any, impact on inflation. Even Sen. Bernie Sanders, I-Vt., said the bill would “actually have minimal impact on inflation.”
Several Democrats who spoke to Fox News Digital Friday disagreed, though some did not specify when Americans would feel the effects of the bill.
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Representative Debbie Dingell, D-Michigan, highlighted the provisions of the health care bill in an interview with Fox News Digital. She said that Americans will see the effects of the “Inflation Reduction Act” when they “see the cost of their drugs go down, when people pay for affordable care, it will continue to be what they can afford on the exchanges. ”
As for concerns that the bill won’t reduce inflation, including from Sanders, Dingell said she believes he and other skeptics will be surprised.
“I have a lot of respect for Senator Sanders, but this is the biggest investment in health care and the environment that we’ve made in decades,” she said. “And I think we’re going to see results.”
Congressman Jamie Raskin, D-Maryland, expressed hope that the bill would bring immediate relief to Americans. But he did not specify when and how this will happen.
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“Once the law goes into effect, I hope that all the provisions will start to work,” Raskin said. “I know that those who blamed President Biden for the rise in inflation are now giving President Biden all the credit for the fall in inflation.”
Asked which parts of the bill would work quickly to reduce inflation, Ruskin said “the next question.”
House Democratic Conference Chairman Hakeem Jeffries, DNY, touted the health care and energy bill provisions as things that could reduce inflation. But he did not specify when exactly the Americans will feel the effect of these provisions.
“This legislation will have a positive impact on energy costs, on health care costs and on the high cost of lifesaving prescription drugs, at a minimum,” Jeffries said.
“We’re focused on getting the bill passed right now,” Jeffries said of the timing of any reduction in inflation. “Gas prices have been down for seven straight weeks, every day this summer. Inflationary pressures appear to be easing based on the July report. Job growth continues at record levels.”
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Rep. Jamaal Bowman, DNY, also mentioned lower gas prices in recent weeks when asked when the “Low Inflation Act” would take effect. “We hope that the other effects will start to work immediately,” he said.
Bowman, one of the most vocal progressives in the House, added that the bill would reduce “inflation by making sure corporations pay their fair share and making sure that money is invested in the American people and that people are working, everybody is working.”
Rep. Mark Takano, D-Calif., also pointed out that gas prices recently fell below $4 a gallon on average nationwide. And he said that even if the Inflation Reduction Act isn’t perfect, he believes it will help people.
“I think the markets are already getting huge signals,” Takano told Fox News Digital. “There are a lot of things that need to become a place for bingo. But I feel Americans will feel more optimistic because they see a lot of signals coming together.”
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Takano added: “They want leaders to try. And these things may, perhaps, end up not hitting the target completely. But Americans want their leaders to try to do something.”
Democratic Congressional Caucus Chairman Sean Patrick Maloney, DNY, didn’t pause to answer Fox News Digital’s question about when Americans would feel the effects of the Cut Inflation Act. But he gave a laconic answer.
“Can’t happen soon enough,” he said.