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Biden rallies behind legislation to address inflation

President Joe Biden will host a roundtable discussion on high inflation on Thursday, as hopes of tackling the issue lie with a lone Democratic senator and House lawmaker.

Inflation is at a 40-year high after gas prices hit record highs over the summer. Biden has indicated that legislation being considered in the Senate will help address the problem.

Democratic senators believe the legislation would reduce the federal deficit by $369 trillion over the next 10 years by closing tax loopholes, strengthening IRS enforcement and imposing a corporate tax rate of at least 15%.

In return, the legislation would provide $369 trillion to fight climate change and an additional $64 trillion to grow the Affordable Care Act.

The bill would need all 50 Democratic senators and Vice President Kamala Harris to vote in favor to pass. That’s assuming Senate lawmakers agree the proposal can pass reconciliation, meaning the bill only needs a simple majority instead of the usual 60 votes needed to break a filibuster.

Although lawmakers have said Democrats may use the reconciliation process, it’s unknown how Sen. Kyrsten Sinema, D-Ariz., will vote.

Sen. Dick Durbin, the Senate Majority Leader, told CNN he’s not sure how Sinema will vote.

“We need him. We need every vote, so I hope he’s with us,” he said.

While Biden has faced his share of criticism about the state of the economy, he pointed the finger at Republicans at an event with Democratic leaders on Wednesday.

“You need some breathing room, and this is the only bill that immediately reduces the cost of living for Americans,” Biden said. “Republicans have made a lot of criticism, but they haven’t responded. That’s because they want to broadcast, they want a problem. They don’t want to solve a problem. We’re going to solve a problem.”

Sen. Bill Cassidy, R-Louisiana, is concerned that the Democratic proposal could boost the economy and force companies to relocate overseas because of the lower corporate tax rate.

“I talked to a manufacturer in Louisiana last week,” Cassidy said on ABC’s “This Week.” “And it’s like having to raise wages to attract workers. And now we’re going to raise their taxes as much as we do. Manufacturers can choose to set up in the United States or go to Asia. I think what we’re doing is encouraging them to move to Asia.”

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Biden rallies behind legislation to address inflation Source link Biden rallies behind legislation to address inflation

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