Graham says Inflation Reduction Act will make 'everything worse'

Sen. Lindsey Graham, R-S.C., said Sunday on CNN’s "State of the Union" that the Democratic Party's Inflation Reduction Act "is going to make everything worse."

Jessica Chasmar is a reporter for Fox News Digital. Story tips can be sent to Jessica.Chasmar@fox.com and on Twitter: @JessicaChasmar.

"I voted for a bipartisan infrastructure bill, I voted for gun legislation, I'm not going to vote for this," Graham said. "The minimum tax of 15% destroys expensing. Now what does that mean – if a company buys a piece of equipment, they could expense it under the 2017 tax cut in the same year they bought it – that goes away."

"So [the Congressional Budget Office] says it disincentivizes companies for building factories, buying equipment, which would help guide us get out of recession," the South Carolina Republican continued. "There's a 16.4% tax on imported barrels of oil that are going to increase cost at the gas pump, subsidies for Obamacare go to families making $304,000 a year, which I think is ill-conceived, and the bottom line, it's not going to help inflation."