House set to pass Inflation Reduction Act, but all Democrats may not be on board

What President Joe Biden’s climate and health care legislation, also called the Inflation Reduction Act, means for American families.
4:06 | 08/12/22

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Transcript for House set to pass Inflation Reduction Act, but all Democrats may not be on board
BRAD GARRETT, ERIC KATERSKY, THANK YOU ALL. AND THE FIGHT AGAINST CLIMATE CHANGE HAS REACHED CAPITOL HILL. THE HOUSE OF REPRESENTATIVES IS SET TO PASS PRESIDENT BIDEN'S SIGNATURE CLIMATE AND HEALTH CARE LEGISLATION. IT IS THE MOST SIGNIFICANT FEDERAL CLIMATE CHANGE LEGISLATION IN A GENERATION. WE HAVE TEAM COVERAGE OF THE VOTE TODAY, THROUGHOUT THE DAY, AND THE LOOK AHEAD NOW, WITH ABC NEWS BUSINESS REPORTER ALEXIS CHRISTOFOROUS AND DURING SHAW. SERENE, THE WHITE HOUSE PRESS SECRETARY WON'T SAY IF THE ENTIRE DEMOCRATIC CAUCUS IN THE HOUSE WILL SUPPORT THIS BILL, SO WHAT ARE ITS CHANCES OF PASSING THE HOUSE. >> I THOUGHT THAT WAS AN INTERESTING CHANGE THIS MORNING. CHOOSES MULTIPLE TIMES IN THOSE SHE WOULDN'T SAY IF IT WOULD PASS OR NOT. YOU HAVE THE SENATE, WHO JUST PASSED INFLATION REDUCTION ACT. THIS SUNDAY IT BARELY PASSED. IT WAS A 50/50 VOTE AND THE VICE PRESIDENT HAD TO BREAK THAT. TY AND IT WAS AFTER A 15 HOUR VOTE-A-RAMA, AS THEY CALL, IT AND THEN STILL TO GET EVERYTHING THEY WANTED AND IT. THEY WANTED A 35 BILLION DOLLAR GAP THAT SOME REPUBLICANS WATCH AND ENJOY THEM ON. ALL IN ALL, WE STILL DON'T KNOW IF HE'S GONNA PASS. TODAY IT LOOKS VERY LIKELY, THE PRESIDENT GENERALLY WANTS IT TO PASS. THE PRESS SECRETARY WOULDN'T SAY WHETHER SHE THOUGHT IT WOULD OR NOT, OR IF THEY HAD ENOUGH VOTES. SHE DID WANT TO JINX YOURSELF. WE'LL JUST HAVE TO SEE WHAT HAPPENS IN THE NEXT FEW HOURS. NOW, ALEXIS THEY ARE CALLING THIS THE INFLATION REDUCTION ACT BUT THIS BILL IS REALLY FOCUSED ON CLIMATE AND HEALTH CARE, SO HOW JUST REDUCING INFLATION COME INTO PLAY. >> YEAH, I KNOW THEY'RE CALLING IT THAT BUT A LOT OF ECONOMISTS BELIEVE THAT THAT IS A MISNOMER FOR THIS PIECE OF LEGISLATION. IT IS ROUGHLY 700 BILLION DOLLARS, THIS OVERALL PACKAGE. IT WILL WORK TO REDUCE OUR COUNTRY'S DEFICIT. SO THAT IS GOOD NEWS IN THE LONG TERM, BUT IN TERMS OF THE BIG DRIVERS OF INFLATION RIGHT NOW, ENERGY, AND FOOD, JUST AS LITTLE TO NOTHING TO ACTUALLY HELP. WE ARE NOT GOING TO SEE IMMEDIATE RELIEF AT THE GROCERY STORE, AT THE GAS PUMP. RENTS WILL NOT GO DOWN BECAUSE OF THIS LEGISLATION. SO, A NUMBER OF PEOPLE, INCLUDING THE CONGRESSIONAL BUDGET OFFICE WHICH IS AN INDEPENDENT PANEL OF ECONOMISTS, LOOK AT THIS PACKAGE AND THEY TO BELIEVE THAT IT WILL HAVE MINIMAL IMPACT. PROBABLY A VERY SMALL IMPACT ON RISING PRICES OVER THE COURSE OF TIME. >> WHAT ABOUT WHEN YOU LOOK LONG TERM? WHEN IMPACT IS THIS EXPECTED YOU HAVE? >> SO YOU MENTIONED ENERGY AND HEALTH CARE. LET'S TACKLE HEALTH CARE, BECAUSE THAT IS PROBABLY THE AREA WHERE AMERICANS ARE GONNA FEEL THE MOST IMMEDIATE IMPACTS. BUT EVEN THAT IS NOT SUPER IMMEDIATE. THEY ARE GOING TO BE CAPPING MEDICARE PREMIUMS AT $2,000. THAT IS GOING TO BE AT LEAST A COUPLE OF YEARS. THE GOVERNMENT WILL BE ABLE TO FINALLY WORK WITH THE PRESCRIPTION DRUG COMPANIES TO LOWER PRICES AND NEGOTIATE THOSE PRICES. AGAIN, THAT IS NOT EVEN GOING TO START TO HAPPEN FOR THE NEXT 3 TO 4 YEARS. THE ON THE CLIMATE ISSUE, THEY WEAVED IT AND THREW ELECTRIC VEHICLES. SO THEY ARE GOING TO BE SOME TAX CREDITS THERE FOR AMERICANS. 70 $500. IF YOU READ THE FINE PRINT, A NUMBER OF EV CARS AVAILABLE IN THIS COUNTRY RIGHT NOW WILL NOT MEET THE ELIGIBILITY. SO I THINK, OVERALL BROADBASED IT SOUNDS GOOD. BUT WHEN YOU REALLY DIG DOWN, IT WILL HAVE MINIMAL IMPACTS. >> AND HOW ARE THESE INITIATIVES BEING PAID FOR? >> EXACTLY, HIGHER TAXES ON A NUMBER OF LARGE CORPORATIONS AND THE WEALTHY. THEY ARE BRINGING ON 87,000 NEW IRS STAFFERS TO MAKE SURE THAT THERE IS NO TAX AVOIDANCE GOING ON. BUT REPUBLICANS ARE BEATING BACK SAYING, THAT IS OVERREACH BY THE GOVERNMENT. AND THAT ALL AMERICANS OF ALL INCOME LEVELS CANNOT BE SUBJECT TO MORE INTRUSIVE AUDITS, THAT THE GOVERNMENT. >> SERENA, WHAT IS THE REACTION THIS ACT IS GETTING FROM BOTH SIDES OF THE AISLE IN WASHINGTON? >> I THINK RIGHT NOW IT IS JUST UNCLEAR IF THEY HAVE EVERYTHING THAT THEY NEED. EVERY THING THAT THEY NEED TO PASS THIS. IT IS GONNA BE INCREDIBLY CLOSE, HERE. AND THE REACTION FROM THE DEMS, I THINK THEY KNOW HOW BADLY THE PRESIDENT WANTS TO PROCESS BEFORE THE MIDTERMS. THERE'S ABOUT 80 SOMETHING DAYS LEFT. BUT AS YOU HEARD ALEXIS SAY, I MEAN LOOK, THIS IS SOMETHING THAT IS GOING TO HAPPEN OVER TIME, OVER 3 TO 5 YEARS. WHEN YOU READ THE FINE PRINT, BUT BIDEN'S POLL NUMBERS RIGHT NOW ARE AT 37% ACROSS THE COUNTRY. AND THEN WHEN YOU SPECIFICALLY LOOK AT INFLATION, YOU REMEMBER THIS IS CALLED THE INFLATION REDUCTION ACT, HIS POLL NUMBERS ARE FAR LOWER. SO, THE MIDTERMS ARE JUST 80 SOMETHING DAYS AWAY. I THINK THE GUMS REALLY WANT TO GET THIS PASSED AND WE'LL SEE IF IT

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