Biden, Republicans spar over impact of Dems' economic plan

WASHINGTON (AP) — Democrats call it the “Inflation Reduction Act.” Republicans say it's a “tax and spending spree.” And everyone has a study they say proves it.

Recent bipartisan action in Congress on matters ranging from producing computer chips to expanding NATO isn’t extending to the latest economic package from Democrats, which is generating a battle of dueling statistics and projections over whether it would help or hurt the economy.

For President Joe Biden, the Senate Democrats’ $739 billion package can help lower inflation, cut the budget deficit, address climate change and lower medical bills — a message that he’s trying to sell to the wider country amid intense Republican criticism.

Biden appeared at a virtual event Thursday to highlight the proposal with leaders from General Motors, Cummins, Kaiser Permanente and the AFL-CIO, among other organizations. He called on Congress to listen to the public, dig into the numbers and vote for the bill.

“Look at the facts,” Biden said. “Pass it. Get it to my desk. Pass it for the American people. Pass it for businesses and workers. Pass it for America.”

But GOP lawmakers have their own sets of numbers. They counter that the 15% minimum corporate tax included in the package would hit U.S. factories and middle-class workers. They say energy costs would increase, while innovations in health care would decline because of price caps on prescription drugs. They say IRS audits would affect hit more people.

“This bill will slam manufacturing,” Sen. Mike Crapo, R-Idaho, said Wednesday. “The bottom line here is this tax is dangerous for America.”

Republican senators quickly cried foul after Majority Leader Chuck Schumer, D-N.Y., and Sen. Joe Manchin, D-W.Va., struck the deal last week. The agreement still needs backing from Sen....