Sen. Joe Manchin Holds Back Support for Social-Spending Bill

[Celerity]

West Virginia Democrat says at WSJ’s CEO Council Summit that he is wary of the government putting more money into the economy

https://www.wsj.com/articles/manchin-holds-back-support-for-social-spending-bill-11638919554

WASHINGTON— Sen. Joe Manchin declined to commit to voting for Democrats’ roughly $2 trillion social-policy and climate package, citing concerns about inflation and the length of programs, weeks before the Christmas deadline party leaders are racing to meet.

Mr. Manchin, a West Virginia Democrat, made the remarks during The Wall Street Journal’s CEO Council Summit at a pivotal moment for Democrats in Washington—and one where he has been a key figure. Because Senate Democrats are using a special budget maneuver to pass their education, healthcare and climate package without any GOP support, they can’t lose a single senator from their own party.

Mr. Manchin has supported the other two pillars of President Biden’s agenda this year. But the senator, who represents a state former President Donald Trump won by 40 points in 2020, continues to express concern about the bill’s impact on inflation and the deficit.

“The unknown we’re facing today is much greater than the need that people believe in this aspirational bill that we’re looking at,” Mr. Manchin said Tuesday. “We’ve gotta make sure we get this right. We just can’t continue to flood the market, as we’ve done.” “We’ve done so many good things in the last 10 months, and no one is taking a breath,” he said.

snip (video at the link)





Research Announcement: Moody's - US Build Back Better bill would support sustainable growth with limited impact on inflation

https://www.moodys.com/research/Moodys-Build-Back-Better-bill-would-support-sustainable-growth-with--PBC_1311925

The $1.7 trillion spending package passed by the US House of Representatives would bolster US economic growth, employment and productivity. The additional federal spending would occur over 10 years, include significant revenue-raising offsets, and would likely only start to flow into the economy later in 2022. While the bill would support growth and employment, the Build Back Better spending package is expected to have a limited impact on inflation, says Moody's Investors Service in a report published today.

"The additional federal spending would occur over 10 years, include significant revenue-raising offsets, and would likely only start to flow into the economy later in 2022 at a time when inflationary pressures from disruptions to global supply chains and US labor supply likely will have diminished," said Rebecca Karnovitz, Vice President-Senior Analyst and lead author of the report. "In addition, the planned investments in childcare, education and workforce development have the potential to boost labor force participation and increase productivity over the medium and longer term."

The version of the Build Back Better Act approved by the House includes about $555 billion in investments in clean energy and climate resilience, including tax credits for consumers to purchase electric vehicles, and financial incentives for electric utilities to produce electricity from renewable energy sources.

"These investments are key to the Biden administration's targets for a rapid reduction of carbon emissions in the transportation and power sectors," Karnovitz added. "The bill also includes about $585 billion in spending for childcare, universal prekindergarten, and paid family leave, as well as an estimated $200 billion in tax credits that would benefit low-income families the most. Offsetting revenue measures include raising taxes on corporations and high-income individuals, and lowering the prices that Medicare pays for certain drugs."

snip

[AZProgressive]

1. The spending is over 10 years

It won’t impact inflation because it is a slow injection.

[Celerity]

6. Literally almost the entire Dem Caucus in both chambers, plus Biden and Harris, wanted them passed

in tandem until the deep into the endgame. They knew (as did many here on DU) that to de-couple them put the BBB in serious danger of being gutted even more (it is now highly unlikely it will be at the already 50% slashed topline number of $1.75 trillion passed by the House) and/or perhaps not passed at all.

The only ones who did not want them linked were Manchin, Sinema in the Senate, and the 13 (started at 9 and grew by 4 more at the end, but never all 13 at once as a few backed off) renegade House conservative/centrist/moderates Blue Dogs and Problems Solvers types. Many of those House members also opposed Pelosi for Speaker, several on multiple occasions.

A big myth I have seen posted here by a certain small group is that the progressives alone delayed the BIF for many months. That is simply not true. The first final vote attempted in the House for the BIF was set for the last day of September, the 30th, and that was cancelled, the first time the progressives themselves actually held up a final vote. That said, the BIF was passed by the House on November 5th, 36 days later.

[PTWB]

3. Moderates gonna moderate.

“Baahhhhhhhht we need Manchin and Sinema” bleat the fence sitters. I have a few of those folks in my circles and they’re quite predictable.

Bleat bleat bleat.

[Silent3]

5. And saboteurs gonna sabotage

This is hardly "moderation". Manchin and Sinema at most want a pale shadow of what was originally planned to pass, and don't give a shit if nothing passes at all.

[live love laugh]

4. "Manchin holds back support for _________"

Fill in the blank.

[Fiendish Thingy]

8. And yet, because he hasn't actually voted against it...

Manchin still retains the coveted-by-some, totally meaningless “100% Biden loyalty” rating.

Come on, Manchin fan club members, I know you’re out there, come defend your guy.

[InAbLuEsTaTe]

9. Cue the crickets... chirp! chirp!

🦗🦗🦗🦗🦗

[WHITT]

10. Manchin

wants to *PAUSE* the BBB bill until next year.

Then Biden should tell him he will *PAUSE* the release of any infrastructure funds from the BIF for WV until next year.

Turnabout is fair play.