The following is from a Congressional Budget Office (“CBO”) letter dated August 4, 2022:

“In calendar year 2022, enacting the bill would have a negligible effect on inflation, in CBO’s assessment. In calendar year 2023, inflation would probably be between 0.1 percentage point lower and 0.1 percentage point higher under the bill than it would be under current law, CBO estimates.” … “Enacting the bill would affect economic activity and inflation beyond 2023. CBO has not evaluated those effects.”

Last Updated on August 7, 2022 by Ramin Seddiq