Manchin: ‘We can’t continue to flood the market’ as inflation rises
Sen. Joe Manchin on Tuesday raised concerns about rising inflation and refused to commit to supporting his party’s massive social spending and climate plan as lawmakers wait to pass the bill before the Christmas deadline. took part in the race.
During the Wall Street Journal CEO Council Summit, Manchin, DW.V.A. The U.S. expressed concern about the state of the economy after the government reported last month that inflation had hit a 31-year high. He said he was waiting to see the final text of the $1.7 trillion spending plan before making a decision.
“The unknown we are facing today far exceeds what people believe in this aspirational bill, and we have to make sure we get that right,” Manchin said. “We cannot continue to flood the market like we have done.”
Manchin said lawmakers need to be “very careful” in moving the law as it covers three “major” changes to the country’s tax structure, social services and the climate and energy sectors.
“We get any of them wrong and we’re in trouble,” he said.
While Democrats slashed the price tag of the social spending bill from $3.5 trillion to $1.7 trillion, West Virginia Democrats said the Democratic leadership only changed the timing of policies.
The $1.7 trillion Build Back Better bill passed by House Democrats last month would establish universal preschools, expand Medicaid, provide new funding for child care and provide a green energy tax credit, though it would specifically free community college and dentistry. K discards progressive priorities like Medicare coverage. vision. It relies on $1.95 trillion in new taxes, including a 15% corporate minimum and a surcharge for ultra-millionaires.
The measure was cut short of the original $3.5 trillion spending plan launched by President Biden.
Manchin also reiterated his concern that Democrats are using budget tricks to hide the true, high cost of the president’s economic spending bill.
While most programs and spending initiatives in the bill are poised to expire within a few years (and in some cases – such as a one-year extension of the Child Tax Credit – even sooner), lawmakers often offer multi-year extensions down the road, Even though the Congressional Budget Office believes those measures will expire when they enact law.
Democrats have made it clear that with a view to an across-the-board cut to the spending package, they want to force a future Congress to expand popular programs over a few years (whether they will be able to do so eventually by 2022). depending on the midterm and 2024 presidential elections).
“One goes for three years, one goes for one year… one can go for a full 10 years, don’t they intend to run those programs for a full 10 years?” Manchin asked. “Well if you don’t intend that to happen, what’s the real cost? Because we’re either going to debt-finance if we’re not going to pay for it or come back and change the tax code again.” Huh.”
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Since Senate Democrats are using a procedural tool known as the budget solution to pass the package without any Republican support, the party cannot afford to lose a single vote or they risk not passing the bill. can.
If Democrats are successful in passing the resolution, which comes on the heels of a $1.2 trillion bipartisan infrastructure plan, Congress will have an unprecedented turnaround in the less than a year since Biden took office. level would have been approved to spend $5 trillion.
The country’s debt level is already at an all-time high of $28 trillion and is on track to cross $30 trillion.