WASHINGTON, D.C. (NEXSTAR) — After gas prices reached record highs earlier this summer, drivers are now seeing some relief at the pump. But lawmakers are split on what exactly this means for inflation.
It’s good news for drivers. On Thursday, AAA reported the price for a gallon of regular gas stood at $3.99. This is the first time it’s dropped below $4 since early March.
White House economic adviser Heather Boushey said falling gas prices are proof that the President’s plan to address inflation is working.
“The President has been focused on all the different things and all the levers he can pull to help address rising costs for families,” Boushey said.
Boushey said all eyes are on Congress to provide more relief. On Friday, the House will return to Washington to vote on Democrats’ Inflation Reduction Act.
Massachusetts Democrat Jim McGovern said the $740 billion package fights climate change and lowers health care costs.
“It will extend affordable health coverage to 13 million people, cap seniors’ yearly out-of-pocket drug costs at $2,000 per year, and cap insulin at $35 per month for Medicare beneficiaries,” McGovern explained.
But Republicans say the bill will actually drive up costs.
Bruce Westerman, R-Ark., said it’s just tax and spending. “It’s just throwing more money at a problem where this administration has shown that they’ve failed.”
The House is scheduled to convene Friday morning at 9 a.m.
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