Rating agencies and independent economists reportedly agree with the Democrats’ view, but feel the results will take years.

Republicans, however, say the new law will have the opposite impact.

"Democrats robbed Americans last year by spending our economy into record inflation. This year, their solution is to do it a second time. The partisan bill President Biden signed into law today means higher taxes, higher energy bills, and aggressive IRS [Internal Revenue Service] audits," Senate Republican leader Mitch McConnell was quoted as saying by a newswire.

"In this historic moment, Democrats sided with the American people and every single Republican sided with the special interests," said Biden. "Every single Republican in Congress voted against this bill," he added.

Fibre2Fashion News Desk (DS)