Biden Admits Climate Focus of Inflation Act

President Joe Biden admitted that the $369 billion Inflation Reduction Act (IRA) was misnamed and primarily focused on climate change initiatives rather than reducing inflation. Speaking in Wisconsin, Biden referred to the IRA as 'the most significant climate change law ever,' and acknowledged that the name did not accurately reflect its purpose. Criticism from Republicans followed, with claims that the bill exacerbated inflation rather than alleviating it. Economic analyses from the Wharton School and the Congressional Budget Office indicated that the IRA had minimal impact on reducing inflation. The bill was passed in August 2022 without any Republican support, and Vice President Kamala Harris cast the tiebreaking vote in the Senate.