It turned out that there was a reason the Democrats tried to rush the Manchin-Schumer agreement before the Congressional Budget Office, (CBO), fully assessed the bill’s impact.
The Senate approved the bill already and the House will vote on it Friday. The House will vote remotely for 35 percent.
Although the CBO stated on Thursday that it will take longer to score the Senate-passed bill, it was still scheduled for a House vote.
“Given the title, I’s amendments, Committee on Finance,” CBO Director Phillip Swagel wrote on Wednesday in a letter to Senator Bernie Sanders (I-Vt.), chairman of the Senate Budget Committee.
The CBO disproves the claim that taxes will not be raised one penny for those earning less than $400,000. A GOP amendment was proposed by the GOP that would protect people with incomes below $400,000 from the bill’s impact.
CBO stated that they hadn’t completed a point estimation of the amendment, but that the preliminary assessment indicated that amendment 5404 would decrease the ‘non-scorable revenues’ resulting from section 10301 by at most $20 billion in the FY2022-FY2031 timeframe.
In other words, the CBO is saying the Biden/Manchin/Schumer monstrosity bill anticipates grabbing $20 billion from lower and middle-class people. This is not a matter of chasing billionaires. It’s not just for “billionaires”, just as it’s never lupus in the TV show “House”. It’s always a lie to say that it will be limited. This is the official proof that the Biden team lies. The Democrats refused the amendment to protect Americans of the lower and middle class.
It is now being claimed by 360 economists.
More than 360 economists have now signed a statement opposing “Inflation Reduction Act” to warn that Democrats’ Schumer-Manchin spending bill will perpetuate inflation.https://t.co/j0pIlZOdyB #FoxBusiness @TPPF @A1Policy @taxreformer @StatePolicy @feeonline @FreedomWorks
— Vance Ginn (@VanceGinn) August 11, 2022
Manchin claimed that he cares about the preservation of the energy industry but he included a terrible provision in the bill.
The real killer was the grant of authority, which would have allowed regulators to take over the fossil-fuel sector, particularly coal. Although the Clean Air Act does not allow agencies to regulate greenhouse gas emissions as pollutants, the matter has been litigated in court. The deal Mr. Manchin reached included a clause that specifically authorized the Environmental Protection Agency under many provisions of the law to do so.
This could have hampered coal producers’ ability to challenge regulation under West Virginia v. EPA, which ruled that Congress must authorize agency actions with major economic importance. As a rejoinder to coal producers, Mr. Manchin stated that the bill “did not provide any new authority” for EPA to close down coal plants.
This provision could have permitted all kinds of regulations that would have hurt the energy industry and flouted the Supreme Court decision.
Shelly Moore Capito (R.W.Va.), his fellow senator, proposed an amendment to remove it. Democrats including Manchin rejected it. Capito then appealed to Manchin to explain that the amendment was not in compliance with budget reconciliation rules, which prohibits measures whose budgetary consequences are “merely incidental to” the policy impact. The Senate Parliamentarian approved and adopted the provision. Manchin and all Democrats would have granted the EPA unrestricted authority over the entire industry. Either he’s not a moderate, or Schumer just played him big on this one.
Manchin was not only involved in this, but he also saw a net drop in favorability of 29% since he negotiated this deal. This is not only a valid argument, but also shows how unpopular he is for dropping that bill so quickly.