Charles Schumer in 2022 NY Senate race

On Budget & Economy: FactCheck:Inflation Reduction Act reduces inflation a little

Republicans, meanwhile, have repeatedly criticized the legislation. Senate Minority Leader Mitch McConnell has called it a "goody bag of far-left environmental activists at the expense of working families." He also says the bill would provide no relief, or worsen, inflation.

Data from the Congressional Budget Office shows the legislation would decrease the deficit by roughly $300 billion, but its impact on inflation in the immediate future is negligible. Economists like Larry Summers, who has been critical of the Biden administration's handling of the economy in the past, say the bill is a positive step and pushed back on critics who say the bill's impact on inflation won't be seen for a number of years. The bill "will have a positive impact on inflation--not a huge positive impact but a positive impact on inflation," Summers said.