Democratic West Virginia Senator Joe Manchin announced Wednesday that he has reached a $670 billion deal with Senate Majority Leader Chuck Schumer (D-NY) on a bill Democrats are touting as the “Inflation Reduction Act.” Last year, Manchin’s refusal to vote for President Biden’s massive $3 trillion “Build Back Better” bill effectively killed the measure. The BBB plan could cause an additional increase in inflation, Manchin feared. While details about his agreement with Schumer still remain, it is clear that it will likely be less comprehensive than Schumer had originally intended.
In a statement, Manchin wrote: “The Inflation Reduction Act of 2022 will address record inflation by paying down our national debt, lowering energy costs and lowering healthcare costs.”
The economic reality America currently faces must be acknowledged. That’s why I’m proud to support the Inflation Reduction Act of 2022, which will address record inflation by paying down our national debt, and by lowering energy & healthcare costs. MORE: https://t.co/oPZF1gilEh
— Senator Joe Manchin (@Sen_JoeManchin) July 27, 2022
Manchin continued:
Washington’s leaders have continued to ignore warnings from me about the serious danger of inflation, and the potential consequences of unsustainable domestic spending. These concerns, and my call to allow the nation time to realize the effects of our inflation crisis and the historic level of spending, have not been met by the demands of many Democrats who continue to demand trillions of dollars to fulfill a deadline. Even though it may be difficult to hear, calls for political action that fail to recognize the gravity of the crises facing us and continue to face is a recipe to disaster.
Still recovering from a positive COVID, Senator Hassan has been a problem for Democrats and the Biden Administration. He refuses to endorse the removal of filibuster. Also, he differs with his colleagues regarding a variety of bills including one that allows abortion up to birth.
He is a great gamer:
If we are to stop inflation spreading, it is important that Americans be open about their economic realities. The purpose of reconciliation, at its heart, is to restore order in our financial and economic lives. Contrary to what some might think, America can’t spend money on debt and inflation. Concerning my position, I will not and have never stopped working to solve the problems that face the country we love. I support commonsense policies which reduce inflation and that focus on major issues facing America in the present and the future.
Tax policy is one of his preferred ways to achieve his goals. “In practical terms, the Inflation Reduction Bill of 2022 would dedicate hundreds of billions of dollars to deficit reduction by adopting a tax policy that protects small businesses and working-class Americans while ensuring that large corporations and the ultra-wealthy pay their fair share in taxes.” Let’s hope that’s not code for, “we’re going to jack up your taxes further!”
Manchin has just sold the farm to many.
Manchin drove an extremely hard bargain.
“I will vote for your insane tax and spending stuff that I have been pretending to be against, but the bill has been renamed Inflation Reduction Act.”
— Phil Kerpen (@kerpen) July 27, 2022
His energy sounds at most reasonable.
A plan to advance realistic energy and climate policies that reduce prices and invest strategically in the future is what I support. We cannot lose our status as the global superpower by cutting reliable and cheap fossil fuel energy before we have new technology that can carry it.
According to The Hill
It would fund $369 billion for energy climate programs in the next 10 year and invest $300 billion to decrease the deficit. The bill will be included in legislation that would lower the price of prescription drugs and prolong expired subsidies for health care.
The agreement will form part of the reconciliation budget package that Senate Democrats are planning to bring to floor next week. This bill will pass in a party-line vote and bypass a Republican filibuster, according to Senate special rules.
Biden has also contributed to the agreement.
Biden Statement on Manchin’s Inflation Reduction Act of 20022 pic.twitter.com/y8FSiPRTUt
— Benjy Sarlin (@BenjySarlin) July 27, 2022
CNN has described the accord as “a major boost to Democrats,” but as professional Biden Administration cheerleaders, it’s hard to take their word seriously. As we’ve repeatedly discovered in recent years, the full effects of legislation don’t become apparent until sometimes years later, often because lawmakers don’t even know exactly what they’re passing.
New details about this “Inflation Reduction Act” will continue to emerge. Let’s hope Manchin hasn’t sold us out.
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