The U.S. Senate passed the Inflation Reduction Act last week by a razor-thin margin, with the bill receiving support from all Democrats and no Republicans.
The $739 billion measure is meant to curb inflation, according to President Joe Biden and his Democratic allies, but not according to the nonpartisan Congressional Budget Office (CBO).
In fact, the CBO said in its report that the bill would have a "negligible" effect on inflation. But what is really the truth? That's what ABC's Jonathan Karl wondered when he interviewed a top Biden White House official.