Sen. Joe Manchin Jr. came out swinging Thursday against Republicans critics who claimed he had broken his word and agreed to tax increases as well as spending on climate change despite fears of recession and rising inflation.
The centrist Democrat of West Virginia opposed similar propositions just a few months ago.
Mr. Manchin refuted the accusation that it was “job-killing tax-and-spend frenzy”, as conservatives call it.
“This bill is not a Democrat. It is not a Republican bill. He said that it was an American bill. I didn’t do this to benefit the Democratic Party. It didn’t hurt the Republican Party. It was because it is something .”
that I believe both sides would agree on in normal times.
Senate Republicans — who Mr. Manchin claimed he considered “good friends” of his — were eviscerated.
” I can only speak on behalf of this senator when i say that this betrayal was an absolute declaration political warfare,” stated Sen. John Cornyn (Texas Republican). “To stare you in the eyes and say one thing to you and do another is completely unforgivable .”
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Senate Democrats said the package, which they plan to ram through the chamber in a party-line vote, would raise $739 billion over the decade in new revenue, including $313 billion from a 15% corporate minimum tax. They said that would affect around 200 of the country’s largest corporations, with profits exceeding $1 billion, that currently pay under the current 21% corporate rate.
Conservatives revived video footage of Obama in 2009, warning against tax increases during recessions, and taunting President Biden’s tax plans, as the U.S. posted its second quarter of consecutively negative growth. This is a crucial indicator that there has been a recession.
” The last thing that you want is to raise taxes during a recession. That would only suck up, take more out of the economy and make it worse for businesses,” said Mr. Obama in the video.
Mr. Biden spun these grim numbers by noting a low unemployment rate, and steady flow of new jobs. But inflation hit a 41-year-high in June.
The new $433 trillion in spending will include nearly $370billion for climate and energy. Over the next decade, the revenue from new corporate taxes will offset the expenditures. This, Democrats stated, allows Medicare to negotiate lower prescription drugs prices and close tax loopholes.
By those estimates, the legislation would reduce the deficit by $300 billion over 10 years.
Republicans don’t buy it.
“Democrats presented a massive package of new, job-killing tax increases, Green New Deal craziness, and prescription drug socialistism that will end American energy production. We will also have less new life-saving drugs,” stated Mitch McConnell (Ky. Republican).
Mr. Manchin took aim at the critics.
” If someone is upset that they didn’t pay anything, please speak up. He said, “Tell us about how you have been able to have the great country protect and provide you with these opportunities. You don’t need to pay any into it.
The Senate could try to pass the measure as early as next week if all 50 Democrats can make it onto the floor to vote. Positive COVID-19 cases have regularly resulted in absences. The latest positive test was by Dick Durbin (Illinois Democrat), who is Majority Whip.
Sen. Kirsten Silema (Arizona Democrat) is also a wildcard. In the past, she raised objections to tax increases and has remained silent on the Manchin deal.