Monday, Aug 08, 2022 - 07:00:56
80 results - (0.007 seconds)

the inflation bill:

latest news at page 1:
12
    Senate Majority Leader Chuck Schumer speaks during a press conference on the Inflation Reduction Act on Friday in Washington.Mariam Zuhaib/AP Senate Democrats’ climate and health care bill is one big step closer to becoming law after the body’s parliamentarian signed off on most of the package on Saturday morning. The “Inflation Reduction Act,” which Vox called “the biggest thing the US has ever done to tackle climate change,” includes nearly $370 billion of climate spending. It would also allow Medicare to negotiate prescription drug prices and reduce the deficit through measures including a new minimum tax on some of the country’s largest corporations.  Less than two weeks ago, there seemed to be little chance of Democrats passing major legislation before the midterm elections in November. But in late July, Majority Leader Chuck Schumer and Sen. Joe Manchin, who’d helped tank President Joe Biden’s more ambitious Build Back Better package, shocked Washington by reaching a deal that they said would lead to hundreds of billions in climate spending while also raising revenue. The key question then became what Sen. Kyrsten Sinema, the other major...
    Live from Music Row, Friday morning on The Tennessee Star Report with Michael Patrick Leahy – broadcast on Nashville’s Talk Radio 98.3 and 1510 WLAC weekdays from 5:00 a.m. to 8:00 a.m. – official guest host Aaron Gulbransen welcomed the original all-star panelist Crom Carmichael to the studio for another edition of Crom’s Crommentary. CROM CARMICHAEL: But the Crommentary is part of why I’m unhappy, all right? And that is Kyrsten Sinema looks like she’s going to sign on to this bill that the Biden administration and the Democrats have cooked up that is supposed to say ay it reduces the deficit, which is just farcical what they’ve done. And it’s terrible how the media is reporting. But let me just give you a few little tidbits. When Biden ran, he promised to not raise taxes on anybody making over $400,000. Okay? That’s what he did. He said that. Now, let me ask you, Aaron, let’s say that you’re paying $5,000 a year in taxes, and the next year your real income goes down, but you’re paying $6,500 in taxes. You’re paying $1,500 more than...
    There is one obstacle looming over the Democrats' prospects of enacting their sought-after spending legislative breakthrough dubbed the Inflation Reduction: the enigmatic Senate parliamentarian. Although rarely in the spotlight, Elizabeth MacDonough, who has held the parliamentarian post since 2012, has quickly emerged as a powerful behind-the-scenes figure in the 50-50 Senate, with the potential power to deliver a death knell to Democratic endeavors to finagle the party's signature policy legislation through their razor-thin Senate edge via technical rules. She has vexed both Republicans and Democrats in the past, prompting some on the Left to sound the alarm that her power should be reduced. SINEMA SIGNS OFF ON MANCHIN-SCHUMER SPENDING BILL "The Senate needs to step up, override the parliamentarian, OK. The parliamentarian is not elected. It is not an elected position, and the parliamentarian has been overridden and dismissed in the past," Rep. Alexandria Ocasio-Cortez (D-NY) demanded last year after MacDonough ruled against the Democrats on immigration. At the time, some Democrats were exploring the prospects of passing a pathway for citizenship for illegal immigrants through...
    The law would 'be a huge step forward in the fight to preserve a livable planet and is one we need to take while we have the chance,' the group Earthjustice said. Environmental groups are hailing the Inflation Reduction Act (IRA) as a desperately needed step to address catastrophic climate change. On Friday, three former Environmental Protection Agency administrators who served under Republican and Democratic presidents put out a joint statement in support of the bill. The bill would cut greenhouse gas emissions 40% by 2030, according to environmental advocacy groups. That figure comes close to the Biden administration's goal of cutting greenhouse gases 50% by 2030. The act would "be a huge step forward in the fight to preserve a livable planet and is one we need to take while we have the chance," according to the environmental law organization Earthjustice. "We urge the Senate to move swiftly to pass the climate measures in the Inflation Reduction Act — and for the House to follow soon after — so we can keep building toward a more sustainable future," Kris...
    Arizona Democratic Sen. Kyrsten Sinema succeeded in knocking out a $13 trillion provision despised by the hedge fund industry before she announced she had agreed to 'move forward' on major legislation heading to its first key vote Saturday. With enormous leverage in the 50-50 Senate, Sinema was able to push to jettison the provision, which the White House and Sen. Joe Manchin (D-W.Va.) touted as a way to force wealthy hedge funders to take ordinary income rather than booking their earnings as capital gains taxed at a lower rate. It would have provided about $13 billion in revenue for the sweeping climate and health package that Democrats have rebranded as the Inflation Reduction Act. But leaders agreed to fill the hole with other revenue provisions, and the latest deal would still reduce the deficit by about $300 billion, Majority Leader Charles Schumer said Thursday night while announcing the latest deal.  'We have agreed to remove the carried interest tax provision, protect advanced manufacturing, and boost our clean energy in the Senate's budget reconciliation legislation,' Sinema said in a statement Thursday,...
    Jim Watson | Afp | Getty Images Senate Democrats' package of climate change, health-care, drug pricing and tax measures unveiled last week has proponents and opponents debating whether the legislation violates a pledge President Joe Biden has made since his presidential campaign, to not raise taxes on households with incomes below $400,000 a year. The answer isn't quite as simple as it seems.  "The fun part about this is, you can get a different answer depending on who you ask," said John Buhl, an analyst at the Tax Policy Center.  More from Personal Finance:Embryos can count as dependents on Georgia state tax returnsWould you be included in student loan forgiveness?Remote work is helping fight inflation The White House has used $400,000 as a rough dividing line for the wealthy relative to middle and lower earners. That income threshold equates to about the top 1% to 2% of American taxpayers.  The new bill, the Inflation Reduction Act, doesn't directly raise taxes on households below that line, according to tax experts. In other words, the legislation wouldn't trigger an increase on taxpayers' annual tax...
    Sen. Joe Manchin (D-WV) and Fox News anchor Harris Faulkner sparred on Tuesday over whether or not his landmark bill, the Inflation Reduction Act, will actually reduced inflation. “Everybody’s focused on inflation right now. Every poll shows it. So, you know, I’m looking at the Penn Wharton budget model, which you, senator, have been known to watch, it examined the details of the Schumer-Manchin deal,” Faulkner began questioning after an introduction. “And actually, it said something very different than you just said. It said that the impact on inflation, this is a quote, ‘The impact on inflation is statistically indistinguishable from zero through 2031.’ Penn Wharton modelers are saying we don’t agree with those who think deficit reduction will lead in a straight line to lowering future inflation,” Faulkner added, asking Manchin: But that’s what the Democrats claim for their bill. So it can’t, so both things can’t be true. And this is something that they’re studying. So are you wrong or are you not giving all, all of the hard truth to Americans about what this is going to...
    Last week US Senator Joe Manchin and Majority Leader Chuck Schumer unexpectedly announced the reconciliation bill that had been declared dead was back. US Senator Kyrsten Sinema and various conservative Democrats could still decide to blow it up. But if all goes well, it could be voted on in the next couple of weeks. What’s in the $485 billion Inflation Reduction Act of 2022 (IRA22)? The measure addresses three major Democratic priorities: Climate, health care and taxes. READ MORE: West Virginia Republicans are hoping to take on Joe Manchin in 2024 Clean energy The $385 billion in climate provisions is the part of the proposal that has perhaps most excited the Democratic base. The Atlantic quotes Sam Ricketts of Evergreen Action enthusing, “I struggle to find enough superlatives to describe this deal.” The majority of the climate spending centers on $260 billion in tax credits. These replace former and clumsy green energy incentives that couldn’t be used by public utilities and couldn’t be used to incentivize newer forms of non-carbon energy. The new tax credits provide public...
    The Inflation Reduction Act of 2022, a massive $369 billion climate change/economic/health care bill, crossed a major hurdle when Sen. Joe Manchin of West Virginia announced that he would support the bill and had worked out a deal with Senate Majority Leader Chuck Schumer. The bill hasn’t passed yet; as of Tuesday morning, August 2, Sen. Kyrsten Sinema of Arizona, a centrist Democrat and key swing vote, still hasn’t said whether or not she will vote for it. But liberal economist Paul Krugman, in his August 1 column for the New York Times, expresses optimism and lays out some reasons he likes the bill from a climate change standpoint. “After all the false starts and dashed hopes of the past two years,” Krugman writes, “I’m reluctant to count my chickens before they’ve actually been signed in the Oval Office. Still, it appears that Democrats have finally agreed on another major piece of legislation, the Inflation Reduction Act. And if it does become law, it will be a very big deal. First, would the law, in fact, reduce inflation? Yes, probably...
    (CNN)The latest Senate budget reconciliation deal is titled the Inflation Reduction Act, a nod to West Virginia Sen. Joe Manchin, who repeatedly refused to support the Democrats' previous spending proposals because of inflation concerns.However, the bill would likely do little to actually curb rapidly rising prices, particularly in the short term, some experts say. Also, the package, which contains several climate, health care and tax measures, would also only have a small, if any, impact on economic growth, though it would reduce the federal deficit.Other economists, though, are more bullish on the bill's prospects to fight inflation, noting that lowering the deficit typically has the same effect on prices.Inflation surged to a new pandemic-era peak in June, according to the latest data from the Bureau of Labor Statistics. US consumer prices jumped by 9.1% year over year, the highest level in more than 40 years.Read MoreWhat's in the billDrastically scaled back from the Democrats' initial spending proposals, the bill would allow Medicare to negotiate the cost of certain prescription medications, limit the price growth of certain drugs to inflation and...
    Senate Democrats' Inflation Reduction Act of 2022 would raise federal taxes for Americans in every income bracket, according to a nonpartisan study shared by Republicans on the Senate Finance Committee. If the projection proves true, it would cast doubt on President Joe Biden's promise to not raise taxes on Americans making less than $400,000 per year. The study by the Joint Committee on Taxation found that taxpayers bringing in less than $200,000 per year would see their taxes raised by $16.7 billion over a decade. But the study speculates about the effect of the package's 15 percent minimum corporate tax rate, which it suggests could be passed off onto workers and shareholders. It also factors in possible effects on the stock market that would affect company shareholders and people who rely on pensions and other similar funds.  The JCT states that the minimum corporate tax would bring in more than $300 billion over a decade. While the bill is not directly hiking the tax rate for Americans making less than $400,000, the indirect increases that the JCT anticipates has been enough...
    (Biden is scheduled to begin speaking at 12:30 p.m. ET. Please refresh the page if the video above doesn't play at that time.) President Joe Biden will speak at noon today about the newly announced Democratic budget deal in Congress. The deal revives Biden's signature legislative priority, a Build Back Better economic bill that collapsed late last year after moderate Democratic Sen. Joe Manchin abruptly withdrew his support for it. The speech comes one day after Senate Majority Leader Chuck Schumer, D-N.Y. and Manchin, D-W.V., announced that they had struck a long-awaited deal on the legislation, which aims to reform the tax code, fight climate change and cut health-care costs. The reconciliation bill would invest more than $400 billion over 10 years, to be fully paid for by closing tax loopholes on the richest Americans and corporations, the senators said in a joint statement. It would reduce the federal deficit by $300 billion over that decade, the senators said, citing estimates from nonpartisan congressional tax and budget offices. The package would raise an estimated $739 billion in tax revenue, including:...
    New York (CNN Business)For the second month in a row, the Federal Reserve raised interest rates aggressively, by three-quarters of a percentage point. That's pretty much what everyone, including Wall Street, expected to happen. But it's still a pretty big deal, and would have been downright unfathomable six months ago. Here's the thing: Fed policy meetings aren't exactly riveting TV. But in this moment, when a fraction of a percentage point could mean the difference between crashing into a recession and gently cruising into the economic equivalent of 70-degrees-and-sunny, pretty much everything Chairman Jay Powell says is being dissected and held against the light.Didn't tune in? Lucky for you I had nothing better to do and am, well, kind of a note-taking nerd. Here's what you need to know. 1. What the Fed's doing: Utilizing the most powerful tool it possesses — interest rates — to slow the economy down in the hopes of taking the heat off consumer prices. Inflation is hovering rather stubbornly at 40-year-highs, thanks to a variety of factors including the Fed's own pandemic-era policies,...
    WASHINGTON (AP) — A bill to boost semiconductor production in the United States has managed to do nearly the unthinkable — unite the democratic socialist Sen. Bernie Sanders and the fiscally conservative right. The bill making its way through the Senate is a top priority of the Biden administration. It would add about $79 billion to the deficit over 10 years, mostly as a result of new grants and tax breaks that would subsidize the cost that computer chip manufacturers incur when building or expanding chip plants in the United States. Supporters say that countries all over the world are spending billons of dollars to lure chipmakers. The U.S. must do the same or risk losing a secure supply of the semiconductors that power the nation’s automobiles, computers, appliances and some of the military’s most advanced weapons systems. Sanders, I-Vt., and a wide range of conservative lawmakers, think tanks and media outlets have a different take. To them, it’s “corporate welfare.” It’s just the latest example of how spending taxpayer dollars to help the private sector can...
    White House National Economic Council director Brian Deese on Wednesday pushed for Congress to spend more amid the ongoing record-high inflation. Deese advised CNBC’s “Squawk on the Street” that the June Consumer Price Index showing that inflation had risen to 9.1% did not “reflect what we’ve seen over the last 30 days,” with gas prices dropping nearly 40 cents. “[I]t doesn’t reflect what we’ve seen over the last 30 days, which is a significant decline in gas prices, down about 40 cents,” Deese explained. “That June report — about half of it was driven by energy prices, and we’ve seen moderation since. But the second point is that in the core, inflation remains too high, which is why we need action. And I want to underscore if there’s one thing to take away from this report, it’s that there’s more urgency now than ever in Congress moving to pass a bill to try to build more domestic semiconductors, to try to bring down the price of those goods.” Deese was asked how to break out of the “circle” of more...
    National Economic Council director Brian Deese pointed his finger at Congress for the solution to record inflation, arguing Sunday morning that legislation to lower prescription drug prices and reduce the federal deficit by taxing the wealthy was the way to make a 'real difference.'  'Prices are unacceptably high right now,' the economic advisor said. May's figures indicated that prices are running 8.6 percent higher than they were one year ago.   'Lowering prescription drug costs is one piece. Lowering utility costs by providing tax incentives for energy is another piece, but equally important, lowering the federal deficit by enacting long overdue tax reform,' Deese told CBS' Margaret Brennan on 'Face the Nation.'  Biden has pushed for a 15 percent minimum tax and to end the Trump 2017 tax cuts on businesses and high earners.   'Hiking taxes isn't going to change the price of milk. When and how are you actually putting forward this package?' Brennan noted, adding that tax increases and prescription drug cost negotiations failed when they were a part of the president's Build Back Better bill.  'Prices are unacceptably...
    WASHINGTON (AP) — Biden tells AP that the notion that the 2021 coronavirus relief bill caused inflation is ‘bizarre’. Copyright © 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, written or redistributed.
    Bill Ackman, founder and CEO of Pershing Square Capital Management.Adam Jeffery | CNBC Billionaire hedge fund manager Bill Ackman said raging inflation will only dissipate if the Federal Reserve acts more aggressively or the market sell-off turns into a full-on collapse. "There is no prospect for a material reduction in inflation unless the Fed aggressively raises rates, or the stock market crashes, catalyzing an economic collapse and demand destruction," Ackman said in a slew of tweets Tuesday. The Pershing Square hedge fund manager attributed 2022's market correction to investors' lack of confidence that the central bank could squash a 40-year high in inflation. He said the market turmoil will only end if the Fed "puts a line in the sand" on soaring prices. "If the Fed doesn't do its job, the market will do the Fed's job, and that is what is happening now," Ackman added. "The only way to stop today's raging inflation is with aggressive monetary tightening or with a collapse in the economy." The market has been in a big rout this year as the Federal Reserve's tightening...
    Abu Dhabi, UAE (CNN)A decades-old, failed effort by United States politicians to break the chokehold of a select few countries on the oil market has found new life as the war in Ukraine raised prices to an almost 14-year high. A US Senate committee on Thursday passed a bill that could expose the Organization of the Petroleum Exporting Countries (OPEC) and its partners -- most prominently Russia — to lawsuits for collusion on boosting oil prices. The vote took place just hours after the cartel and its allies rebuffed the West once again and stuck to plans for a moderate modest ramp up in production. To become law, the bill has to go through the full Senate and House, then be signed by the President. White House spokeswoman Jen Psaki said the administration has concerns about the "potential implications and unintended consequences" of the legislation. She said the White House is still studying the bill. The bipartisan bill, the "No Oil Producing and Exporting Cartels Act of 2021" or "NOPEC," would strip OPEC and its national oil companies from sovereign...
    If Democrats prepare legislation to raise taxes, Manchin stipulated that half of the revenue raised must go toward deficit reduction because that is the "only way you’re going to fight inflation." The moderate Democrat also clarified that current negotiations are completely unrelated to President Joe Biden's Build Back Better plan, which Manchin killed last year. "There’s nothing formal. There’s no false hopes here. There’s nothing. As far as Build Back Better, there’s no talk about any of that. Just saying, how do we get a handle on inflation?" he said.What about the 'Trump tax cuts'?Data from the Internal Revenue Service shows the tax reform bill passed by Republicans in late 2017 has, in fact, greatly benefited middle-class Americans. "The available evidence is clear: Based on tax data from 2017 and 2018, the Tax Cuts and Jobs Act reduced taxes for the vast majority of filers, led to substantial improvements in upward economic mobility, and disproportionately benefited working- and middle-class households, many of which experienced tax cuts topping 18 percent to 20 percent," analysis from the Heartland Institute explained. Ironically, the...
    As voters’ concern over inflation grows, the issue of rising costs has plagued Joe Biden’s presidency and threatened Democrats’ hold on their congressional majorities, leaving the party in need of a solution before November’s elections. In December, the Labor Department's consumer price index rose by 6.8% without seasonal adjustments over the 12 months ending in November, the fastest annual increase in nearly 40 years. Polls show the public growing increasingly frustrated with rising costs, with many blaming Biden. Biden spent much of the first year of his presidency arguing that his Build Back Better legislation, a massive social welfare and green energy spending bill that contains critical portions of his domestic agenda, would address rising consumer costs. But the legislation currently lacks the votes to pass in the Senate. Instead of renewing their advocacy for the bill, the legislation’s proponents have had little luck reviving it, and it appears doomed, at least for now. In November, the House passed the bill after much back-and-forth between centrist and liberal Democrats. But the bill stalled in the upper chamber,...
    President Biden seemed to reveal a legislative pivot during his news conference Wednesday where he will push Democrats to break up Build Back Better and pass the sweeping social spending package in pieces.  'It's clear to me that we're going to have to probably break it up,' the president said of his landmark legislative agenda that has stalled in the Senate.   'I think we can break the package up and get as much as we can now and come back and fight for the rest later,' Biden said.  Biden said it was clear to him that he would be able to get the support needed to pass the $500 billion funding for energy and environment.  He also said that universal pre-kindergarten has key centrist Sen. Joe Manchin's blessing.  The $1.75 trillion Build Back Better plan stalled indefinitely in December after months of back and forth after the West Virginia Democrat said he would not be voting for it.  In the split 50-50 Senate, Democrats need the approval of every member of their caucus, then Vice President Kamala Harris can cast...
    As the government has engaged in massive spending, Americans have suffered the devastating economic consequences of spiking inflation. The bill is backed by Sens. Tim Scott (R-S.C.), John Thune (S.D.), Chuck Grassley (R-Iowa), Rick Scott (R-Fla.), Joni Ernst (R-Iowa), James Lankford (R-Okla.), Todd Young (R-Ind.), Marco Rubio (R-Fla.), Bill Hagerty (R-Tenn.), John Hoeven (R-N.D.), and Steve Daines (R-Mont.). "From gas to groceries, Iowans and all Americans are paying higher prices because of record inflation stoked by irresponsible government spending. Our bill seeks to prevent Congress from pouring even more gasoline on the fires of inflation by restricting the ability of Congress to approve new spending while inflation remains historically high," Sen. Grassley said in a statement. Americans can't continue to endure the burden of skyrocketing costs caused by reckless spending in DC.\n\nThat\u2019s why I\u2019m taking action w/ @SenJohnThune & others to combat inflationary govt spending. A sound financial future requires wise financial action now.https://www.scott.senate.gov/media-center/press-releases/sens-scott-and-thune-introduce-bill-to-combat-inflationary-spending\u00a0\u2026 — Tim Scott (@Tim Scott) 1642104444
    House Speaker Nancy Pelosi says she remains optimistic that Senator Joe Manchin will help pass President Joe Biden's Build Back Better plan, despite the centrist's ongoing refusal to support the social spending scheme. Manchin, a moderate Democrat, single-handedly killed his party's goal of passing the $1.75trillion social and climate reform bill last year after revealing he would vote 'no' on the plan following months of negotiations. Concerned about inflation, Manchin refused to support the bill as it stood and in the evenly-divided Senate, where the president needed every Democratic vote in order for it to pass. Despite the rebel senator nixing the bill, Pelosi said she's still hopeful it can be saved. 'I do think there's an agreement to be reached,' she told CBS's Face the Nation. 'It's so important for our country.' House Speaker Nancy Pelosi says she remains optimistic that Senator Joe Manchin will help pass President Joe Biden's Build Back Better plan But Manchin has repeatedly said he does not intend to endorse the legislation, citing inflation and other factors RELATED ARTICLES Previous 1 Next ...
    Minnesota Sens. Amy Klobuchar and Tina Smith have been urging their colleagues to pass the Build Back Better Act by Christmas, or at the very least by the end of the year. Passing the $1.75 trillion bill was one of the last big priorities that Democrats in Congress have set before wrapping up and heading out to their winter recess. Unfortunately for Democrats, West Virginia Sen. Joe Manchin — a Democrat himself — made an announcement Sunday that means the bill is essentially dead as it’s currently written. “Where I’m at right now, the inflation that I was concerned about, it’s not transitory; it’s real, it’s harming every West Virginian,” Manchin told “Fox News Sunday” host Bret Baier. “If I can’t go home and explain it to the people of West Virginia, I can’t vote for it. And I cannot vote to continue with this piece of legislation…I’ve tried everything humanly possible. I can’t get there.” Manchin’s support is necessary because of the slim margin by which Democrats control the Senate. Even with Manchin’s support, Democrats have just 50 votes...
    by Michael Klein, Tufts University One of the main concerns raised by critics of President Joe Biden’s Build Back Better plan is that it will drive up inflation, which is already running at the fastest pace in four decades. The Senate is currently considering a roughly US$2 trillion bill passed by the House that would spend money on health care, education, fighting climate change and much else over the next decade. But Republicans and a handful of Democrats like Sen. Joe Manchin of West Virginia argue the risk that more spending could push inflation even higher is too great. As an economist, I believe these concerns are likely overblown. Here’s why. Putting $2 trillion in contextHigh inflation is clearly a problem at the moment – as the Federal Reserve’s Dec. 15, 2021, decision to accelerate its withdrawal of economic stimulus signals. The most recent statistics show inflation, as measured by the annual increase in the Consumer Price Index, was 6.8% in November 2021. This is the highest level since 1982 – yet still a long way from...
    Sen. Lindsey Graham, R-S.C., slammed Democrats for "lying" about the cost of Build Back Better after the Congressional Budget Office debunked the left's claims on the price tag of the legislation.  LINDSEY GRAHAM WARNS BUILD BACK BETTER 'SPENDING ORGY' IS ‘PAVING A PATH TO SOCIALISM’ Sen. Graham joined "Fox News Sunday" to discuss how much the bill will actually cost if it becomes law, warning it could "destroy" the country if it advances.  "Here's my message to the Democratic Party- quit lying about this bill," Sen. Graham stated. "They should re-vote it in the House, and Senator Manchin, you are right. I hope you'll stand up and stop this madness. We need to stop Build back better before it destroys this country," he warned.  The CBO released its estimates for the bill's cost, indicating the legislation would cost nearly $5 trillion and add $3 trillion to the nation's debt if it remains in effect through 2031.  Sen. Lindsey Graham, R-S.C., talks about the the Build Back Better bill during a news conference on Capitol Hill in Washington, Friday, Dec....
    President Joe Biden addressed the Consumer Price Index report at the White House on Friday after showing the highest rate of inflation since 1982. “It’s a real bump in the road, it does affect families,” Biden said. “When you walk in the grocery store and you’re paying more for whatever you’re purchasing. it matters. It matters to people.” Biden spoke to reporters about inflation after delivering remarks concluding his Summit for Democracy at the White House, appearing optimistic that inflation would fall. “I think you’ll see it change sooner, quicker, and more rapidly than most people think,” Biden said. Prices in November rose by 6.8 percent from last year, according to the report, the fastest 12-month pace since 1982 and the sixth straight month of inflation above five percent. The president argued that his multitrillion-dollar government spending agenda was not responsible for record inflation. “That’s hard for people to think about right now. Because inflation is up and there’s a direct correlation in most people’s minds,” Biden said, noting that people automatically think that inflation is the result of government...
    A previous poll found that a primary concern for many Americans was inflation, but the latest poll found that many Americans didn't think the Democratic spending bill would improve inflation. "[The Democrats ar] not connecting the dots between concern about inflation and what's happening in Washington, either with the infrastructure bill or Build Back Better," said Carvalho. She said that should absolutely be a "red flag" for the Democratic party. Here's more about Biden's plummeting poll numbers: Biden approval on COVID drops 20 points in a year www.youtube.com
    Senate Democrats hope to pass President Joe Biden’s $1.75 trillion “Build Back Better” legislation by Christmas, but they have yet to secure the approval of Sen. Joe Manchin, a West Virginia centrist who opposes significant parts of the bill. Manchin suggested to reporters this week that the social welfare and green energy legislation that Democrats hope to pass this month and tout on the campaign trail in 2022 can’t pass the Senate by Christmas despite pledges by Senate Majority Leader Chuck Schumer that this can happen. “There’s an awful lot there and a lot of changes to be done at a time when it’s very vulnerable in our economy,” Manchin told reporters in the Capitol. Manchin signaled the legislation’s impact on inflation is a top concern. Rising food and energy prices have affected West Virginians, Manchin said, and he’s doubtful of the latest Biden administration claims that Build Back Better will reduce inflation. “I don't know how you control inflation when the first year of spending is going to be quite large,” Manchin said. “And that's...
    West Virginia Democratic Senator Joe Manchin is throwing up another roadblock to his party's quest to pass President Joe Biden's $1.75 trillion social and climate package before the Christmas break. On Monday Manchin refused to commit to Democrat leaders' timeline to push Biden's Build Back Better bill ahead before the end of the year. Senate Majority Leader Chuck Schumer announced on the Senate floor yesterday that he wants his colleagues to pass the president's agenda before senators head home for the holidays on December 10. But Manchin told reporters he's concerned about the pricey package's impact on the US economy. He blamed his issues on how the government spending would impact already-record inflation and the uncertainty that the new COVID-19 Omicron variant brings. 'The unknown is great right now and it gets greater,' Manchin said according to Bloomberg. US inflation rates skyrocketed as the economy recovers from the worst effects of the coronavirus pandemic. In October the price of consumer goods went up 6.2 percent from the year before, a 31-year high. Joe Manchin told reporters on Monday that he...
    President Joe Biden has taken to saying that the Democrats’ “Build Back Better” legislation will reduce inflation. This spin isn’t just unconvincing. It underscores the absurdity of the Democrats’ political project. The first weakness of Biden’s argument is that the timing is all wrong. On Nov. 10, the White House issued a prepared statement from Biden claiming that “17 Nobel Prize winners in economics have said that my plan will ‘ease inflationary pressures.’ ” What they actually said is that it will “ease longer-term inflationary pressures.” Several of these economists say that Biden’s spending plans aimed at climate change, education, child care, housing and many other social programs will increase inflation in 2022 by pumping more money into the economy. Any downward pressure on prices would come later, as productivity increases in response to new federal investments in people and infrastructure. But it’s the inflation that’s already happening that has Americans worried, which is surely why the White House erased the economists’ inconvenient qualifier. While this burst of inflation has lasted longer than many economists thought it would, it is...
    Senator John Barrasso (R-WY) said on this week’s broadcast of “Fox News Sunday” that President Biden’s Build Back Better Act was “Alice in Wonderland” logic. Barrasso said, “We have record inflation right now. I view this as a back-breaking bill for the country with the kind of expenses, the spending, the adding to the debt, the inflation, the taxes that are going to hit the American people. For Joe Biden to say ‘We have to spend even more money on top of inflation,’ to me, this is ‘Alice in Wonderland’ logic. He’s the Mad Hatter out here.” On raising the debt limit, Barrasso said, “Well, in my state, I was a member of the state Senate. Our Constitution demands that we balance our budget every year that we live within our means, just like families all across America need to do, and I think the federal government ought to do the same thing.” He added, “This is all about Democrat spending. This is 100 percent on them. If you get rid of all of the gimmicks of accounting, this bill...
    Friday, Rep. Jeff Van Drew (R-NJ) sounded off on President Joe Biden’s so-called Build Back Better agenda amid the growth in inflation. Van Drew described inflation as “the Biden tax.” He argued it was “a complete waste of money” that was a result of “terrible” Biden policies. “This is without question the Biden tax. It is just one more tax on everybody. It is because of the terrible way he has led this country in so many ways,” Van Drew proclaimed. “And Congressman Jordan is right. When you talk about that Build Back Better bill, which I call the big bad bill — I wish I could get a country-western singer to do a song about it — when you talk about that bill and what it is going to do, 2.5 million for tree equity is in it. Tell me what tree equity is. Do we have to have the same amount of trees, the same shape, the same size, the same number? I don’t even understand half of what’s in that bill. It is a complete waste of...
    Kevin O'Leary, chairman of O'Shares Exchange Traded Funds, listens during the Milken Institute Global Conference in Beverly Hills, California, U.S., on Tuesday, April 30, 2019.Kyle Grillot | Bloomberg | Getty Images Voters in the U.S. are "pissed" about inflation and the Democrats are going to have a difficult time at next year's midterm elections, celebrity investor Kevin O'Leary told CNBC on Tuesday. "People are pissed," he told CNBC's "Capital Connection." "They're pissed about inflation, I don't have a better word than saying that." "They're unhappy. My employees are unhappy. They're going to vote with the cost of bread," said the "Shark Tank" investor. Consumer prices in the U.S. jumped 6.2% in October, the biggest surge in more than 30 years. Fed officials have consistently said the spike in prices will be temporary and is a result of supply chain disruptions, but O'Leary holds a different view. "We are seeing real inflation. We're seeing gasoline prices up remarkably, the price of food and bacon, just the basics that our employees buy — those are up materially," he said.The last thing we need is...
    Sen. Ron JohnsonRonald (Ron) Harold JohnsonTucker Carlson gets Rittenhouse interview for Monday night NASCAR driver Bubba Wallace says Rittenhouse would have gotten life if he were Black Conservatives praise Rittenhouse jury verdict MORE (R-Wis.) claimed that Democrats can only get funding for “their giveaway programs,” apparently including provisions in their roughly $2 trillion social spending and climate bill, from the middle class. “The only place Democrats can get the money to fund all of their giveaway programs is from the middle class, because that's where the money is,” Johnson said Sunday in an interview with John Catsimatidis on WABC 770 AM. Johnson claimed that even if taxes on corporations were raised, the middle class would ultimately end up shouldering the costs. “They don't really bear the brunt of the tax increase," he said, referring to corporations. "They just pass it along to consumers and to their employees in lower wages and benefits. So yeah, it's the middle class that always pays." Johnson’s comments come after House Democrats passed their massive social spending and climate bill, known as the Build Back Better Act, on...
    Steven Rattner became the latest Obama-era economic advisor to hit out against the Biden administration's insistence that inflation is 'transitory.'  'Enough already about about "transitory" inflation,' Rattner wrote for the New York Times. 'Last Wednesday’s terrible Consumer Price Index news shifts our inflation prospects strongly into the “embedded” category.' Inflation has surged to its highest point in 31 years. Prices this October were up 6.2 percent over last October, and raised 0.9 percent in that month alone.  Rattner said he believes interest rates could rise fast enough to trigger higher interest rates, which would in turn stifle growth by making it more expensive for businesses and individuals to borrow money and make investments.   'How could an administration loaded with savvy political and economic hands have gotten this critical issue so wrong?' Rattner questioned. 'They can’t say they weren’t warned.' Rattner claimed that the 'original sin' was the $1.9 trillion American Rescue Plan, which directly pumped stimulus money into the demand side of the economy, and was not paid for, effects that were compounded by hits to the supply side with...
    On Monday’s broadcast of CNN’s “Situation Room,” White House Press Secretary Jen Psaki responded to inflationary concerns about the Build Back Better reconciliation bill by arguing that inflation increases cost and the bill will lower the costs of child care, health care, and housing and economists say the plan will help inflation in the long term. Host Wolf Blitzer asked, “Should that spending plan, though, be delayed, Jen, until next year, given that inflation here in the United States has now risen to a 30-year high?” Psaki responded, “Well, first, Wolf, inflation, which is something we certainly watch closely and any cost increase for the American people is something that’s of concern to the president. But what this bill will do is lower costs, and the way inflation impacts people at home is it increases costs of, whether it’s goods or housing or health care. And what this bill does is it lowers costs. It’s going to cut the cost of child care. It’s going to cut the cost of health care. For people out there who rely on insulin,...
    Republican Texas Sen. Ted Cruz said Sunday that the current fiscal environment of “skyrocketing inflation” and “gas lines” makes him feel like Jimmy Carter is back as president and America is living in “That ’70s Show.” WATCH: “I’ve got to tell you the trillions that are being spent, the trillions in debt that’s being racked up, it is historic and not in a good way,” Cruz told Fox News’ “Sunday Morning Futures.” “You know, it kind of reminds me of the television show ‘That 70s Show.’ It feels like Joe Biden is Jimmy Carter all over again and we’re seeing skyrocketing inflation, we’ve seen gas lines, we’ve seen a Middle East crisis, we’ve seen hostages, we’ve seen surrender, in this case in Afghanistan — all of these problems are replicating and it turns out cause and effect still operates, that when you spend trillions of dollars, you cause inflation,” Cruz continued. (RELATED: ‘Biden Is Too Weak’: Ted Cruz Says Chance Of ‘Chinese Amphibious Assault On Taiwan Has Increased Tenfold’ After Afghanistan Withdrawal) “They want you not to be able...
    Republican North Carolina Rep. Ted Budd (R) criticized Biden’s “Build Back Better” spending bill on Fox News Live, calling it “more of the Green New Deal”. Rep. Budd highlighted the added expenditure in the bill, including 87,000 new IRS agents. “It’s trying to fix problems that aren’t real problems … What we need is real infrastructure.” “Only 9% of it was about real roads and bridges. This is essentially about more of the Green New Deal and it’s completely out of touch with regular working Americans … It is about things we don’t need with money we don’t have,” said Rep. Budd on Fox News Live. Watch the latest video at foxnews.com Rep. Budd spoke about how inflation is affecting Americans at the grocery store and at the gas pumps. He mentioned that the Biden administration seems “out of touch” with issues Americans are facing. “They don’t understand the cost of inflation for real folks, and we saw that out of Jen Psaki’s mouth this week … She said something like high gas prices are good for America … this is...
    Alfredo Ortiz of Job Creators Network writes in RealClear Politics that, sadly, his predictions about the inflationary effects of a Biden presidency are manifesting as spiraling prices causing enormous suffering to ordinary Americans and small businesses: The Biden pay cut just got more severe as surging inflation reduces Americans’ real wages and living standards. On Wednesday, the Labor Department announced that the consumer price index increased by 6.2% over the last year, the fastest pace in over 30 years. October marks the sixth consecutive month that inflation has grown by 5% or more on a year-over-year basis — significantly outpacing wage growth and putting Americans further and further behind. Bidenflation is the next pandemic. . . . This painful inflation is largely a result of President Biden and congressional Democrats’ trillions of dollars in reckless spending that devalues the currency. Late last week, Congress passed a $1.2 trillion infrastructure-in-name-only bill that will worsen inflation by showering money on political and environmental priorities. According to the Committee to Unleash Prosperity, only about one in four of the legislation’s dollars are for roads, bridges, highways, and airports....
    The D.C. Memo is a weekly recap of Washington political news, journalism, and opinion, delivered with an eye toward what matters for Minnesota. Sign up to get it in your inbox every Thursday. Minnesota Department of TransportationThe House finally passed its long-awaited infrastructure bill Friday night.Hello and welcome back to the D.C. Memo. This week you can find me continually laughing about the strange experience of living in the D.C. area: I was at a birthday event at a downtown bar late Friday night when a cheer rang out…not to raise a drink for the birthday girl, but to celebrate the infrastructure bill passing the House. Can’t make this stuff up. Aside from passing that major bill, here’s what else has been going on in the District this week: explaining the origin of “Let’s go Brandon,” Republicans on inflation and Minnesota Reps. introduce Veterans Day legislation. We can finally stop talking about Infrastructure Week Or is this really just the start of Infrastructure Week? I for one am relieved that the House finally passed its long-awaited infrastructure bill Friday...
    On Wednesday’s broadcast of CNN’s “The Lead,” White House Chief of Staff Ron Klain argued that inflation concerns “make the strongest possible case” for the Build Back Better reconciliation bill that “doesn’t put any more money into the economy on net.” Klain said Sen. Joe Manchin’s (D-WV) concerns about inflation “make the strongest possible case for Build Back Better. One of the biggest expenses families face is child care. Our bill will cut the cost of child care for middle-class families in half. Another thing that people are really feeling the pinch of is prescription drugs. Our Build Back Better bill lowers the cost of prescription drugs, puts a cap on what seniors pay for their drugs. People are pinched by eldercare costs. It brings that down. By health insurance premiums, the bill brings that down. And of course, for families with children, the bill provides a tax cut of $250 per child per month. So, I think if your concern is the cost of living, it’s a concern we have here at the White House. It’s a concern Sen....
    Lindsey Graham is feeding Manchin's opposition to President Biden's agenda. Congress is out this week for the Veterans Day holiday, which means a week of posturing and trying to poison the well for next week’s push on President Joe Biden’s family and climate change Build Back Better plan. It’s all about trying to wedge the conservative Democrats even further away from the majority of their colleagues. And in one case, it’s a Democrat doing it. The Congressional Budget Office advised lawmakers Tuesday that it likely would not be able to provide a full score of the BBB bill by next week, when Speaker Pelosi has said the House will vote. The conservative hold-outs in the caucus had reached an agreement with progressives that if they helped pass the hard infrastructure bill last Friday (which they did), then the conservatives would vote for BBB provided they receive certain “fiscal information” from the Congressional Budget Office (CBO). Exactly what that information could consist of was not specified, but as of Wednesday, they are apparently not insisting that it be a full score and that...
    West Virginia Democratic Sen. Joe Manchin said Wednesday that lawmakers can no longer ignore worsening inflation, which consumer data showed hit a 30-year high. “By all accounts, the threat posed by record inflation to the American people is not ‘transitory’ and is instead getting worse,” Manchin said in a tweet. “From the grocery store to the gas pump, Americans know the inflation tax is real and DC can no longer ignore the economic pain Americans feel every day.” Manchin’s statement came shortly after the Labor Department announcement that the Consumer Price Index (CPI) rose 0.9% in October and 6.2% over a year’s span, the highest rate in three decades. It also comes as Democrats prepare to pass their $1.75 trillion spending package, which Manchin has repeatedly questioned and trimmed from its original $3.5 trillion price tag. (RELATED: House Sends Infrastructure Bill To Biden’s Desk After 11th-Hour Agreement Between Liberals, Moderates) By all accounts, the threat posed by record inflation to the American people is not “transitory” and is instead getting worse. From the grocery store to the gas pump, Americans...
                      by Robert Romano  “No one got everything they wanted, including me, but that’s what compromise is. That’s consensus. And that’s what I ran on.” That was President Joe Biden on Oct. 28 unveiling his latest $1.75 trillion spending bill—watered down from $3.5 trillion after Sen. Joe Manchin (D-W.Va.) refused to budge on the topline number—that Congress is expected to vote on this week. It will include $555 billion for green energy subsidies via tax credits, $400 billion for both universal pre-kindergarten for all 3- and 4-year-olds and child care subsidies by capping what is paid at 7 percent of income, $150 billion to build 1 million affordable housing units, health exchange insurance subsidies for 4 million uninsured who live in 12 states that refused to expand Medicaid under the Affordable Care Act for four years, restore the state and local tax exemption for 2022 and 2023, and a $100 billion one-year extension of the $3,600 tax credit for children under six, and a $3,000 child tax credit for children over...
    Sen. Joe Manchin on Monday dashed President Biden's hope for a vote on his $1.75 trillion reconciliation package this week as he called on the House to vote for the bipartisan infrastructure bill on its own.  The West Virginia Democrat, whose centrist vote wields much power in the 50-50 Senate, put the breaks on the larger spending package, saying in a press conference he would not vote for it until he had 'greater clarity' on what its impact would be for inflation and the national debt.  On Friday, President Biden called the spending bill 'fiscally responsible' and 'fully paid for.'  But on Monday, Manchin said: 'Simply put, I will not support a bill that is this consequential without thoroughly understanding the impact that it will have on our national debt, our economy.'  Even after Democrats paired down their initial spending package from $3.5 trillion to $1.75 trillion, Manchin said his vote should not be taken for granted.   'I'm open to supporting a final bill that helps move our country forward,' Manchin said. 'But I am equally open to voting against...
12