Biden expresses regret over naming the Inflation Reduction Act.
President Biden Wishes for a Catchier Name for the Inflation Reduction Act
President Joe Biden admitted that he regrets the name he gave to the Inflation Reduction Act, just days before its first anniversary. Speaking to donors in Park City, Utah, Biden expressed his desire for a name that better reflects the legislation’s focus on providing alternatives to economic growth rather than solely addressing inflation.
Inflation Rises to 3.2% in July, a Setback for Biden and the Fed
Senator Joe Manchin, a Democrat from West Virginia, revealed that the Democrats-only $430 billion healthcare and climate spending bill is part of the agreement he reached with the White House and Senate Majority Leader Chuck Schumer. This agreement secured his support for the bill.
Biden has been actively promoting the Inflation Reduction Act during his visits to Arizona, New Mexico, and Utah this week. He has emphasized the legislation’s climate provisions to appeal to the Democratic base.
Biden’s comments come in response to the Labor Department’s report, which showed a 3.2% increase in consumer prices in the year ending July 30. This is higher than June’s annualized inflation rate of 3%.
“Even in times of inflation, we can find ways to provide breathing room,” Biden stated, highlighting how the legislation facilitates prescription drug price negotiations.
Manchin reaffirmed his support for the Inflation Reduction Act this week, despite his criticism of Biden’s broader climate policies, including his promotion of electric vehicles.
“The Inflation Reduction Act has significantly reduced our nation’s debt by $238 billion. It has also lowered prescription drug prices for over 400,000 West Virginians on Medicare, capped insulin costs at $35 for seniors, and secured permanent funding for the Black Lung Disability Trust Fund,” Manchin explained to the Washington Examiner. “This law advances our all-of-the-above energy policy and promotes innovation to strengthen our energy security, ensuring reliable and affordable power for years to come.”
“While I will continue to oppose the Biden administration’s relentless efforts to manipulate the law in favor of their radical climate agenda, which undermines our energy and fiscal security, I am proud of the financial relief it provides to hard-working families and the economic opportunities it brings to communities in West Virginia and across America,” he added.
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