The deal struck last week by Sens. Charles Schumer (D-N.Y.) and Joe Manchin (D-W.Va.), a slimmed-down version of the Build Back Better Act, leaves out most of President Biden's proposals to pull in greater government revenues from rich taxpayers.
Increases in individual income tax rates for high earners, increases in the estate tax, increased taxes on capital gains like stock and property holdings, a tax on billionaires, a plan to build out the net investment incom...
The Hill
‘Inflation Reduction Act’ — What’s in a name?
Last week, a few days before the Bureau of Economic Analysis announced a 1 percent monthly rise in the Personal Consumption Expenditures (PCE) price index — higher than expected and the highest inflation in decades — Sens. Joe Manchin (D-W.Va.) and Chuck Schumer (D-N.Y.) announced that they had reached a deal on a climate, tax, and health care bill after long negotiations. The bill is called the “Inflation Reduction Act of 2022.” Inflation reduction would certainly be nice rig...
Schumer ‘in touch’ with Sinema as Dems seek to move climate, taxes package
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US uninsured rate hits record low of 8 percent, Biden admin report says
The U.S. uninsured rate fell to a record low of 8 percent in the first quarter of 2022, according to a new report from the Biden administration.
President Biden touted the number on Tuesday, saying it showed the success of his efforts to build on the Affordable Care Act (ACA).
“This progress did not happen by accident,” Biden said in a statement. “More than 35 million Americans are enrolled in Affordable Care Act related coverage – the highest total on record....
Economists say reconciliation bill will lower prices for all Americans
A group of more than 120 economists is backing the climate, health care and tax package that Senate Majority Leader Charles Schumer (D-N.Y.) will bring to a vote this week.
The economists said in a letter addressed to Schumer, Speaker Nancy Pelosi (D-Calif.), Senate Minority Leader Mitch McConnell (R-Ky.) and House Minority Leader Kevin McCarthy (R-Calif.) that the Inflation Reduction Act will reduce prices for American families while making “crucial" investments in energy and...
Moody’s: Schumer-Manchin deal will ‘nudge’ economy, inflation ‘in the right direction’
The deal announced last week by Senate Majority Leader Charles Schumer (D-N.Y.) and Sen. Joe Manchin (D-W.Va.) will “nudge the economy and inflation in the right direction” and “meaningfully” address climate change, a new analysis by Moody's Analytics found.
The analysis comes at a critical moment when Schumer and Manchin are hoping to persuade the last hold-out Democratic senator to support the deal: centrist Sen. Kyrsten Sinema (Ariz.).
The deal, which would rais...
Cornyn tests positive for COVID-19
Sen. John Cornyn (R-Texas) announced on Monday that he had tested positive for COVID-19, which could further complicate the math of floor votes for Republicans and Democrats at the start of a busy week for the Senate.
“After dodging it for 2+ years I’ve tested positive for COVID-19,” Cornyn wrote on Twitter.
“I’m fully vaccinated and boosted, and doing fine,” he said. “While quarantining I’ll continue to fight Chuck Schumer and Joe Manchin’s massive tax increase on wo...
This week: Senate Democrats race to finish tax and climate package — if Sinema signs on
Senate Democrats this week are looking to press ahead with the multi-trillion dollar climate, taxes and health care package announced last week — and crossing their fingers that Sen. Kyrsten Sinema (D-Ariz.) signs on.
The Senate is set to break for recess on Friday, giving lawmakers little time to get Sinema on board and bring the multi-trillion dollar spending bill over the finish line. The Arizona Democrat — whose support is needed to clear the package through budget reco...
Toomey says Manchin-Schumer deal is ‘gimmick’ with ‘very dubious’ projections
Sen. Pat Toomey (R-Pa.) on Sunday cast doubt on Democrats’ claims that a newly announced climate, health care and tax package would reduce the deficit and inflation, instead calling its cost projections a “gimmick.”
During an appearance on CBS’s “Face the Nation” with guest moderator John Dickerson, Toomey said the projected revenues from tax changes will be accrued over 10 years, while the projected expenses assume the package’s health care subsidy extension will ultimately e...
Progressives need to stop making plans around ending the filibuster
The Supreme Court’s radical shift to the right — sharply narrowing states’ ability to regulate firearms or prevent religious coercion in schools, hobbling federal efforts to fight climate change and public health threats, overruling Roe v. Wade, and much more — has brought even more insistent demands for abolishing the filibuster. Doing so now seems to be the first step in most prominent progressives’ plans for correcting what the court and the Trump administration have done or for safe...