WATCH: Senate Democrats hold news conference on climate and tax bill

Senate Democrats held a news conference on the climate and tax bill known as the Inflation Reduction Act of 2022 on Thursday.

Watch the conference in the player above.

Senate Republicans are slamming the climate and tax deal reached last week by Senate Democrats as a “reckless tax and spending spree,” arguing that it will hurt manufacturing, increase inflationary pressures, and boost the tax burden among ordinary Americans.

“It doesn’t lower inflation, it doesn’t lower the deficit, it does punish manufacturing,” said Republican Sen. James Lankford of Oklahoma.

“We are in a recession right now,” said GOP Sen. John Thune of South Dakota. Increased taxes on the people who create jobs means you’re going to have less growth, fewer jobs and lower wages,” he said.

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Democrats say the Inflation Reduction Act of 2022 will invest approximately $300 billion in deficit reduction and $369 billion in energy and climate change programs over the next ten years.

It includes tax rebates and credits for taxpayers to offset energy costs, plus tax credits to reduce carbon emissions. It allows Medicare to negotiate the price of certain prescription drugs. And it provides some $80 billion in new funding for the IRS over the next 10 years.

But Senate Republicans say it’ll hurt the economy.

“If you’re doing green energy, you’re protected,”Lankford said. “But if you’re producing nails, if you’re producing bolts, if you’re producing baby formula, if you’re producing car parts, if you’re producing lumber, your taxes are all going to go up.