STATEMENT: CAP’s Patrick Gaspard on MAGA Extremists’ New Bill To Repeal the Inflation Reduction Act

Washington, D.C. — Today, Rep. Andy Ogles (R-TN) introduced legislation to repeal the Inflation Reduction Act of 2022. Patrick Gaspard, president and CEO of the Center for American Progress, released the following statement:

In less than a month, MAGA extremists have threatened to drive the economy into a recession by defaulting on our debt, promised to bring up a bill to impose a 30 percent national sales tax, and now have introduced legislation to repeal the Inflation Reduction Act. This will cut taxes for corporations who earn billions in profit while empowering Big Pharma and Big Oil to continue ripping off the American people.

These extreme ideas would increase costs for the American people and threaten the progress made in bringing unemployment to a 50-year low, cutting inflation for six straight months, and bringing jobs back to America.

It is vital that all Americans understand what is at risk if MAGA extremists succeed in passing their latest dangerous idea: millions of lost jobs, millions more without health insurance, and higher costs for lifesaving insulin, utilities, and more.

For more information or to speak with an expert, please contact Colin Seeberger at [email protected].