New inflation number feeds angst about Democrats' $2T bill
ABC News
A new government report showing inflation rising at the fastest rate in nearly four decades is raising fresh questions about the fate of President Joe Biden’s social and environment legislation
WASHINGTON -- Government reports on rising inflation and the potential costs of President Joe Biden's social and environment legislation raised fresh questions Friday about the bill's fate, with both sides hoping the new numbers would influence pivotal Sen. Joe Manchin.
The moderate Manchin, D-W.Va., has spent months forcing Democrats to trim the 10-year, $2 trillion package, arguing it's too expensive and at times citing rising inflation as a reason to slow work on the bill. On Friday, the Labor Department said consumer prices grew last month at an annual rate of 6.8%, the highest in 39 years.
A separate report from the nonpartisan Congressional Budget Office said that if many temporary spending boosts and tax cuts in the bill were made permanent, it would add $3 trillion to the price tag, more than doubling the 10-year cost to around $5 trillion. Democrats called the projections from the Republican-requested report fictitious.
Manchin aides did not immediately respond to requests for comment. Manchin said in a brief interview Thursday that he wanted to know “where we are in inflation and where we are on the true price" of the bill, adding he was “very concerned."
