Politics: Cassidy says Schumer-Manchin deal injects ‘incredible amount of uncertainty into the economy’

Manchin, Schumer announce slimmed-down deal on climate, taxes, health

  Manchin, Schumer announce slimmed-down deal on climate, taxes, health Senate Majority Leader Charles Schumer (D-N.Y.) and centrist Sen. Joe Manchin (D-W.Va.) on Wednesday said they had struck a climate, health and tax package deal — weeks after Manchin seemingly had scuttled any chance of an agreement because of his worries over inflation. The new package is a fraction of the more than $3 trillion…The new package is a fraction of the more than $3 trillion deal once envisioned by liberal Democrats, but it still could give the party a big win ahead of midterm elections where House and Senate majorities are on the line.

Sen. Bill Cassidy (R-La.) on Sunday knocked the Inflation Reduction Act championed by Senate Majority Leader Charles Schumer (D-N.Y.) and centrist swing vote Sen. Joe Manchin (D-W.Va.), saying the bill could lead to a recession despite its sponsors’ claims that it will tamp down rising prices.

  Cassidy says Schumer-Manchin deal injects ‘incredible amount of uncertainty into the economy’ © Provided by The Hill

“It may be disinflationary by causing a recession. They’re interjecting an incredible amount of uncertainty into the economy just as we entered a recession,” Cassidy told Jonathan Karl on ABC’s “This Week.”

The measure is a scaled-down version of the Build Back Better Act that Manchin stymied last year.

Basement talk, virtual handshake led to Manchin-Schumer deal

  Basement talk, virtual handshake led to Manchin-Schumer deal WASHINGTON (AP) — Senate Majority Leader Chuck Schumer and Democratic Sen. Joe Manchin secreted themselves in a basement room at the Capitol. The two men had been wrestling for more than a year in long, failed rounds of start-and-stop negotiations over President Joe Biden's big rebuilding America package. But talks had jammed up — again. With the midterm elections near, control of Congress at stake, the president and his party were at the end of the line. © Provided by Associated Press Senate Majority Leader Chuck Schumer, D-N.Y., talks to reporters about the expansive agreement reached with Sen. Joe Manchin, D-W.Va.

The $670 billion reconciliation bill announced last week would invest in domestic energy, lower prescription drug costs, combat climate change and reduce the deficit by closing tax loopholes on wealthy individuals and corporations.

“Much of what he says about this bill is just not true,” Cassidy said Sunday of Manchin’s comments earlier on the ABC program when the West Virginia Democrat defended his support of a climate and tax deal against claims that the measure could increase inflation over a year and a half.

Cassidy instead argued that the bill would raise taxes and lead to higher costs for consumers.

“I think what we’re doing is inducing [manufacturers] to move to Asia. You can have a disinflationary program by causing a recession. I think this is going to lead to a worse recession.”

— Updated at 11:49 a.m.

For the latest news, weather, sports, and streaming video, head to The Hill.

Inside Joe Manchin’s non-stop media tour after secret Schumer deal .
Sen. Joe Manchin (D-WV) appeared on every major Sunday political talk show to defend his surprise energy, health care, and tax deal with Senate Majority Leader Chuck Schumer's (D-NY) following criticism from both sides of the aisle. The West Virginia senator, who unveiled the Inflation Reduction Act on Wednesday, completed a virtual version of a "full Ginsburg" on Sunday by appearing on the five largest weekend news programs: CNN's State of the Union, Fox News Sunday, ABC's This Week, CBS's Face the Nation and NBC's Meet the Press.

See also