Biden's bold plan meets roadblock of inflation fears
After Democratic Senator Joe Manchin torpedoes the flagship of his party's social-economic agenda by playing the inflation card, all eyes are now on what the Fed will do.
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NOW that Democratic Senator Joe Manchin announced over the weekend that he would not support President Joe Biden's US$2.2 trillion social and climate package, expect furious administration officials and Democrats to denounce the moderate senator from West Virginia and blame him for dooming the centrepiece of their ambitious social-economic agenda.
"I cannot vote to continue with this piece of legislation," Manchin declared during a television interview on Sunday, insisting that the proposed legislation would not only expand the deficit but also create inflationary pressures at a time when Americans remain concerned about the pandemic threat.
And to make clear that he had no interest in continuing to negotiate with the White House and the members of his party's progressive wing, a compromise version of the so-called Build Back Better bill, the senator added: "I tried everything humanly possible. I can't get there. This is a no."
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