Build Back Better may be “dead”, but something worse is poised to replace it.
The so-called ‘moderate’ Sen. Joe Manchin announced on Wednesday that he struck a deal with Senate Majority Leader Chuck Schumer on an alternative to Biden’s Build Back Better plan.
According to the Democrats, the Inflation Act of 2022 will make a historic down payment on deficit reduction to fight inflation, invest in domestic energy production and manufacturing, and reduce carbon emissions by roughly 40% by 2030. The bill will also finally allow Medicare to negotiate for prescription drug prices and extend the expanded Affordable Care Act program for three years, through 2025.
More spending! During a period of record-high inflation! Sounds on-brand for the Democrat Party.
Meanwhile, Sen. Manchin ended negotiations over similar spending bills over fears of expanding the federal deficit. Those fears seem to have subsided.
“Contrary to foolish talk otherwise, America cannot spend its way out of debt or out of inflation,” Manchin said.
Meanwhile, that’s precisely what the Inflation Act of 2022 does.
Manchin, a centrist Democrat who is recovering from COVID-19, said late last year he would not support the $2.4 trillion social welfare and green energy bill, arguing its price tag was too high. Manchin’s position frustrated his Democratic colleagues, who had already trimmed the bill from a more expensive version in an attempt to negotiate with him, and sparked the wrath of liberals who thought the bill should have been larger.
Build Back Better is dead, Sen. Joe Manchin (D-WV) said Wednesday, announcing that he has instead reached a deal with Senate Majority Leader Chuck Schumer (D-NY) on an alternate measure known as the Inflation Reduction Act of 2022.
As Democrats seek to defend their congressional majorities this fall amid voter concerns over inflation, the bill’s title is seemingly designed to address these worries.
Without his support, Democrats were left unable to pass the legislation in the Senate, where they could have otherwise passed the bill using a process called budget reconciliation, which would allow them to do so with only 51 votes.
In a statement, President Joe Biden offered his support for the deal.
“I spoke with Sens. Schumer and Manchin and offered my support for the agreement they have reached on a bill to fight inflation and lower costs for American families,” Biden said.
Biden urged the Senate to pass the bill and for the House to follow suit.
“This is the action the American people have been waiting for,” Biden said. “This addresses the problems of today, high healthcare costs and overall inflation, as well as investments in our energy security for the future.”
White House press secretary Karine Jean-Pierre told reporters at her Wednesday briefing that “we welcome hearing about the drug, the lowering cost of pharmaceutical drugs, which is going to help so many seniors, which is so incredibly important.”
“We do believe that it’s going to be part of lowering inflation,” she said.
It’s almost like they want us to suffer!
Author: Sebastian Hayworth
