Joe Manchin-Chuck Schumer deal won't help inflation through '24, study shows
by the Penn Wharton Budget Model estimated that the bill “will produce a very small increase in inflation for the first few years, up to 0.05 percent points in 2024,” potentially delivering a new blow to President Biden’s agenda.
Senate Majority Leader Chuck Schumer speaks to reporters after announcing the Inflation Reduction Act.worst jump in prices since 1981 “First on inflation, there is a simmering debate on the cause of inflation, but whatever side one takes in that debate, this bill is a step forward and that’s how we see it as well,” Jean-Pierre said.Kevin Dietsch/Getty Images
The announcement of the Manchin-Schumer deal stunned much of Washington due to the widespread assumption that the West Virginian was opposed to reviving the large budget reconciliation plan. The Wharton analysis suggested the deficit would be reduced by $248 billion over 10 years if the bill passed — but cut that estimate to $89 billion if the ObamaCare subsidies were made permanent.
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