A Democratic economic package focused on climate and health care faces hurdles but seems headed toward party-line passage by Congress next month.
the Federal Reserve studies closely, prices jumped 6.8% in June from a year ago, the biggest increase in four decades. That followed government figures showing the economy shrank anew last quarter, fueling recession worries.“Improved tax collection, drug savings, and deficit reduction would put downward pressure on inflation,” the Committee for a Responsible Federal Budget said Friday.
“The act would very slightly increase inflation until 2024 and decrease inflation thereafter," the group wrote Friday. “These point estimates are statistically indistinguishable from zero, thereby indicating low confidence that the legislation will have any impact on inflation."A chorus of Republicans say Democrats' bill would be widely damaging. Senate Minority Leader Mitch McConnell, R-Ky.
Democrats can lose no more than four House votes to succeed there. Speaker Nancy Pelosi, D-Calif., said Friday that when the Senate approves the package, “We’ll pass it.”
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