White House Says Congressional Republican Agenda After Midterms Will Worsen US Inflation

Mohammad Ali (@ChaudhryMAli88) Published October 27, 2022 | 02:00 PM

WASHINGTON (UrduPoint News / Sputnik - 27th October, 2022) The congressional Republican agenda for the next term will worsen inflation in the United States, a senior White House official said during a conference call.

"The congressional Republican agenda is actually going to make inflation worse and it is going to raise costs," the official said.

Republican lawmakers intend to repeal Democrats' Inflation Reduction Act if they take control of Congress after the midterm vote in November, the official said.

Media reported earlier this week that the White House is worried that Democrats could lose the US House of Representatives and Senate in the midterm elections in November as races and the odds of retaining control over both chambers of Congress tighten.

The White House official said if Republicans repeal the Inflation Reduction Act, it would provide wealthy individuals in the United States $3 trillion in tax cuts, which would increase inflation and work against the Biden administration's efforts to bring inflation down in 2023, the official said.

The White House official also said Republicans will seek to repeal measures in the Inflation Reduction Act that would increase prescription drug prices, especially costs for insulin.

Republicans could potentially push three million Americans to become uninsured by raising health insurance premiums by an average of about $800 for 13 million people in the United States, the official said.

Moreover, the official said congressional Republican would eliminate tax credits for Americans that buy an electric vehicle, weatherize their homes, install rooftop solar panels, or make other investments to cut their energy bills.

In addition, Republicans will end President Joe Biden's program to forgive up to $20,000 in student debt for eligible individuals, the official said. An appeals court temporarily blocked the program earlier this week while it considers a motion from six Republican states to stop the program.