Karine Jean-Pierre says the $433 billion Inflation Reduction Act will fight inflation and calls the Republican opposition “false anger” – despite the economic model predicting it will increase costs through 2024
- Jean-Pierre on Friday hailed the new Manchin deal as “historic legislation that will be a game changer for so many Americans.”
- The West Virginia Senator reached an agreement with Senate Majority Leader Charles Schumer this week
- But she would not confirm that Biden has reached out to Sen. Kysten Sinema, who has yet to signal support
- All 50 Democrats would have to support the law to move it forward
- Penn Wharton’s analysis of the Manchin deal at the University of Pennsylvania concluded that the package “would increase inflation very slightly by 2024.”
- Inflation would then decline
- Manchin has insisted that the bill does not increase inflation and has sold it as an inflation reducer
White House press secretary Karine Jean-Pierre hailed the renamed Inflation Reduction Act as a “historic” Friday, brushing off a new analysis showing its impact on prices was “statistically indistinguishable from zero.”
She called the deal struck between Democratic West Virginia Senator Joe Manchin and Majority Leader Charles Schumer “historic legislation that will be a game changer for so many Americans.”
It has the potential to give President Biden a major victory after protracted negotiations and would invest billions in climate programs while delivering on his promise to introduce a minimum tax of 15 percent.
Jean-Pierre has also slammed Republicans who oppose it.
White House Press Secretary Karine Jean-Pierre spoke a damn Republican “fake rage” on Friday when she announced the “Inflation Reduction Act.”
“We have a plan to fight inflation. We stand ready to help middle-class families, not opposed Republicans. They’re against it out of false anger,” she said.
The bill was renamed as Manchin canceled numerous programs after raising concerns about inflation and appeared to be backing down after a record 9.1 percent inflation for June.
But a new Penn Wharton analysis from the University of Pennsylvania concluded that the package “would increase inflation only marginally until 2024 and decrease thereafter. These point estimates are statistically indistinguishable from zero, indicating low confidence that the legislation will have any impact on inflation.’
An analysis of the Manchin deal by Penn Wharton at the University of Pennsylvania concluded that the package would “only marginally increase inflation through 2024”. Inflation would then decline
Jean-Pierre declined to say whether President Biden had reached out to Arizona Democratic Senator Kyrsten Sinema, who has not said she will support the deal
Sen. Joe Manchin, DW.Va., stunned colleagues when he announced the deal Wednesday and announced it again Friday
That’s a far cry from many Republicans, who have tried to characterize the law as a major inflationary driver. The study notes that this “would reduce cumulative deficits by $248 billion over the budget window.”
But it could have implications for Manchin, who has cited analysis from Penn Wharton in the past.
Manchin was still cheering the bill on Friday, two days after the deal was announced.
“The Inflation Reduction Act is not a Democrat or Republican bill. It’s a bill for America. We have an opportunity to reduce drug costs for seniors, reduce ACA health premiums, increase our energy security and invest in energy technologies – all while reducing our national debt,” he tweeted.
Less certain is Democratic Senator Kyrsten Sinema, who has avoided reporters and declined to comment on the bill.
Jean-Pierre began her briefing by highlighting the proposed legislation to close the carried interest loophole, which allows wealthy individuals to pay lower tax rates than their employees by using profits as capital gains instead of ordinary income.
But that’s a provision Sinema has criticized, although one Manchin says is an essential part of the package.
Jean-Pierre would not even say that the White House reached out to take Sinema’s temperature on the matter.
“I will not read out calls or potential calls to lawmakers,” she said.
“The President has regular discussions with members of Congress, his team, as we said, has been communicating with the senators about this bill and has offered technical assistance on tickets or guidance that they may need from us, but I have not on a potential call.” have something to read,’ she said.
Even without the political pitfalls, Democrats have struggled to assemble their 50-seat Senate majority amid Covid cases among their ranks.