Joe Manchin Agrees to Tax Hikes, Spending Increases, Green New Deal Agenda Items
Joe Manchin announced he reached an “expansive” deal with Chuck Schumer on Build Back Brandon.
This is now Manchin stating this, so this seems unfortunately real.
We don’t know the details, though.
In an unexpected turnabout, Sen. Joe Manchin announced Wednesday that he had reached an expansive agreement with Senate Majority Leader Chuck Schumer which had eluded them for months on health care costs, energy and climate issues, taxing higher earners and large corporations and reducing federal debt.
That last one is smoke-and-mirrors– he wants to jack up taxes and spend lots more federal dollars, but take some of the new tax revenue and supposedly use it to retire a small amount of federal debt so he can claim he’s not blowing up the deficit.
Manchin, D-W.Va., whose resistance had long derailed sweeping legislation on those issues, abruptly revealed the agreement in a press release. It provided virtually no details on the accord.Manchin, one of the most conservative Democrats in Congress, just last week said he would only agree this month to far more limited legislation curbing prescription drug costs and extending federal subsidies for health care costs.
He said he was open to considering a broader compromise on environment and tax issues after Congress returns from a summer recess in September, an offer that many Democrats thought dubious.
There was no immediate explanation why Manchin had suddenly agreed to the far broader package.
Meanwhile, while Manchin is raising taxes, the Fed is raising interest rates to combat inflation.
The Federal Reserve raised its benchmark overnight interest rate by three-quarters of a percentage point on Wednesday in an effort to cool the most intense breakout of inflation since the 1980s, and U.S. central bank chief Jerome Powell said another “unusually large” hike may be appropriate in September if price pressures have not sufficiently abated.
Manchin’s agreeing to raise taxes, which might reduce economic activity, while also increasing spending, which is inflationary, and therefore fights against what the Fed is trying to do, and may require the Fed to raise interest rates more.
What a guy. Glad West Virginia keeps reelecting him because he “seems like one of them” and once shot a rifle through the Cap and Trade bill.
Meanwhile, Biden’s got his best propagandists out there explaining to the media how they are ordered to report the Official Non-Recession Event.