President Joe Biden seemed to bow to Sen. Joe Manchin's demand for a slimmed-down economic package.
are available, which would occur in August. He also wants lawmakers to assess the next actions the Federal Reserve will take on interest rates as it struggles to tame rising prices while avoiding a recession.
The two lawmakers have been negotiating for months over a package that’s been expected to reach around $1 trillion over 10 years, with about half used to reduce federal deficits. While he has expressed concerns for months about intensifying inflation, his latest demands come days after the government said consumer costs rose last month at an annual rate of 9.1%, the steepest increase since 1981.
from $555 billion to just over $300 billion. He’d also forced Democrats to drop two provisions he opposes: giving tax credits to drivers who purchase electric vehicles, and making it easier for producers of clean energy to collect tax breaks. House Speaker Nancy Pelosi, D-Calif., told reporters she was unsure what remained in her party’s proposal but added, “I would be very, of course, disappointed if the whole saving the planet is out of the bill.” A spokesperson for Schumer did not immediately return requests for comment.
Manchin blew up Biden’s $2 trillion social and economic package last December after it had passed the House and following months of talks in which Democrats pared it down to meet the West Virginian’s demands. Over months of talks, he helped force his party to abandon initial plans for an overall price tag of $3.5 trillion or more and helped coerce Biden to drop proposals for free pre-kindergarten, child care assistance and paid family and medical leave.
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