Senator Manchin has agreed to a major climate bill, the Inflation Reduction Act. Three factors were at work: West Virginia politics and the 2024 senate reelection, Larry Summers’ position on inflation, and the possibility of Republican House victory which ends Manchin’s leverage over legislation.
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Last week on July 27, Senator Manchin and Senator Schumer announced the Inflation Reduction Act which provides $369 billion for climate and energy projects, including a tax credit up to $7,500 for electric vehicles ., 2021, Manchin had withdrawn support for IRA’s previous incarnation, Build Back Better Act, citing concerns about inflation. On July 14, 2022, he went further, announcing an end to negotiations on even a slimmed-down BBB.
Manchin has been critical of EV subsidies, an important climate priority in both the BBB and the IRA., 2022 he said: “There’s a waiting list for E.V.s right now with a fuel price at $4, but they still want us to throw $5,000 or $7,000 or a $12,000 credit to buy an electric vehicle…It makes no sense to me whatsoever…..It’s absolutely ludicrous.”
On July 27, 2022, the day IRA was announced, inflation stood at 9.1%, higher than 6.4% in December 2021, when announced his opposition to BBB. Over the last six months, theBelow we explore three explanations for Manchin’s policy reversal. While these factors probably worked together, we examine them separately to highlight lessons for climate policymaking.
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