In a deal reached with Senate Majority Leader Chuck Schumer on July 27, Sen. Joe Manchin announced that he would support a $700 billion spending bill, which is aimed at generating $725 billion in new revenue and reducing the deficit by $292 billion annually.
In contrast, critics who read the bill have argued that a series of policies will likely lead to further increases in consumer prices, wage suppression, expanded federal audits, a decrease in retirement portfolio value, a reduction in medical innovation, and a further increase in energy prices already high.
Democratic lawmakers tried to pass the much larger Build Back Better (BBB) Act last year, but ultimately failed to pass the much smaller Inflation Reduction Act.
Manchin’s main demand in supporting any reconciliation bill—which under Senate rules is immune from the filibuster and thus can be passed along party lines—was that it reduce inflation and work toward getting the national debt under control.
The Inflation Reduction Act revived many of the Democrats’ key priorities from BBB: new taxes for corporations, expansion of the IRS, and prescription drug pricing policies.
11 August 2022
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