the volcano spewing out lava and molten rock, that s become a hit with tourists. and how one 12 year old is turning used crisp packets into hundreds of survival blankets for homeless people. hello and welcome. there were tears ofjoy amongst democrats in the us senate as a landmark bill to tackle climate change was finally passed. after more than a year of intense wrangling, the sweeping reforms are being seen as a major victory for president biden. republicans had tried to derail the legislation, worth $430 billion overall claiming it would undermine economic growth. the inflation reduction act, as it s known, includes almost $370 billion to steer the us economy away from oil, gas and coal. it also contains measures to reduce the price of healthcare and introduce new taxes for business. lea na hosea reports. wildfires, flash floods, drought and melting polar ice caps, extreme weather events increasing around the world because of climate change united states tops the list of
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capture and hydrogen power. tens of millions of dollars for helping farmers pay a role in the fight against climate change. the fight against climate chan . e. the fight against climate chance. , , , the fight against climate chance. , , change. but republicans say the bill would damage change. but republicans say the bill would damage the change. but republicans say the bill would damage the us - bill would damage the us economy and amounts to a war on american fossilfuels. economy and amounts to a war on american fossil fuels. the? american fossil fuels. they have already american fossil fuels. they have already robbed - american fossil fuels. tue have already robbed american families once through inflation now their solution is to rob families a second time, democrats want to ram through hundreds of billions of contracts and reckless spending. contracts and reckless spending- contracts and reckless sendina. , , , contracts and reckless sendina. , , spending. some republ
primary is a national story. now, obviously the state of the union is a national story. let me introduce to you rich, greg and linda. what their take away fromst was from last night. we were talking, rich, about economics and what president biden had to say about inflation and the way to get costs under control. well, he has to get costs under control by cutting down on will spending. and, you can t get out of inflation by keep raising rates the way they are doing. this is four years of the worst inflation that we have ever seen here. will: you were telling me earlier it s economics 101. all three of these individuals, two of which served by the way, own small businesses, wow, i wish we would have thought about that. just cut costs, right, greg? you can t control inflation by cutting cost and not giving employees additional money. you need to cut inflation by being wiser in your decision-making business wise. and we re seeing that happen in
market react in a negative way and how swiftly is the fallout on the overall u.s. economy. for example, we re getting reports from around the country that, number one, retailers have lowered their forecast on what the christmas shopping season is going to look like. we re hearing that one of our reporters who is out at a mall today said there was a survey that bank rate that one out of three consumers they tabd have said fiscal cliff concerns are forcing them to cat back on who will spending. it s the market reaction to going over the cliff on january 1 as to whether or not we re talking about going over the cliff or that slope you mentioned. a santa claus rally, it s ban couple of years since we ve been able to say that in our discussion. thank you. you got it. the fiscal cliff reportedly weighing on shoppers this holiday season.