The Democrat-led Congress might still be able to garner enough votes to pass President Biden's massive spending package, despite already raising federal spending by more than 6% and presiding over record deficit and debt levels.
"If every time we have 7% inflation we then increase spending by 7%, that spending is then going to go into higher inflation, because when the economy is this oversaturated with demand, new deficit-financed government spending is mostly going to increase inflation, it's not mostly going to increase output," he said.
With the 2022 midterm elections drawing closer, Manchin signaled this week that he could support a new, more targeted version of Biden's sweeping spending bill.
Manchin, chairman of the Senate Natural Resources Committee, reportedly told a group of climate activists he would like a new package to focus on prescription drugs, climate change and reducing the deficit.
His support for a revised spending package has revived Democratic leaders' hopes of passing the Build Back Better legislation.
Progressive Democrats previously opposed a skinnier version of the roughly $2 trillion package, which sets the stage for an internal party fight over a further-reduced version of the bill.
Goldwein said the idea of a new deficit reducing package has the potential to be "Disinflationary."
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Sunday, March 27, 2022
As debt climbs to $31T, Dems eye new version of Biden spending bill with Manchin's support
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