Klain: Spending Bill Helps Inflation by Lowering Care, Drug Costs and Cutting Taxes

During an interview aired on Monday’s broadcast of CNN’s “AC360,” White House Chief of Staff Ron Klain argued that the Build Back Better reconciliation bill will help with inflationary pressures because it lowers the costs of drug prices, child care, elder care, and cuts taxes.

Klain said, “I think the bill we signed is one step on combatting inflation. I was pleased to hear Sen. Rob Portman, a Republican, today at the White House validate that this bill will help abate inflation. Equally importantly, maybe more importantly, the Build Back Better bill that the House is supposed to consider this week, 17 Nobel Prize-winning economists have said it will ease inflationary pressures, and while that’s a bunch of economic talk, I can make it even simpler. That bill, when it passes, will lower prescription drug prices. It will lower the cost of child care. It will lower the cost of elder care. It will cut taxes for middle-class families. Those are the kind of bottom-line economic issues about what people pay for some of their most important and largest expenses that we have a plan before Congress this week that will help deal with those high costs.”

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