Manchin Introduces Inflation-Reduction Bill, Says ‘I’m Not Getting Involved’ in Next Election

Sen. Joe Manchin at the U.S. Capitol on Tuesday, June 14, 2022. Sen. Joe Manchin, DW.Va., and his staff told Democratic leadership Thursday that he is unwilling to support major climate provisions and prosecutors on a broad Biden agenda. bill, according to a Democrat briefed on the talks.

Tom Williams | Cq-roll Call, Inc. | Getty Images

Sen. Joe Manchin, DW.V., made the morning talk rounds Sunday to discuss the Inflation Reduction Act of 2022, a revival of President Joe Biden’s Build Back Better economic bill that ·lapse at the beginning of the year.

The inflation bill, which Democrats are trying to pass through reconciliation, aims to reform the tax code, lower health care costs and fight climate change. It will invest more than $400 billion over a decade closing tax loopholes, especially at America’s biggest and wealthiest corporations. It would also reduce the deficit by $300 billion over the same decade period.

“This is about fighting inflation,” Manchin told Jonathan Karl on Sunday’s “This Week” on ABC.

Manchin insisted the bill is not a spending bill, but instead focuses on investing money.

“We brought $3.5 trillion in spending to $400 billion in investment without raising any taxes, we closed some loopholes, we didn’t raise any taxes,” he added.

In addition, he explained the closing of tax loopholes, which will increase taxes on certain American companies. Any tax increase could jeopardize full Democratic support for the legislation, which must go through reconciliation; Sen. Kyrsten Sinema, D-Z., may not support this provision.

“All we’ve done is basically say that every corporation of a billion dollars or more in the United States should pay at least 15 percent of the minimum corporate tax,” he said on the “Meet the Press” program of the NBC.

“This is not a tax increase, this is closing a loophole,” he said.

Manchin also noted that a deal between him and Senate Majority Leader Chuck Schumer, D-NY, was struck in private to avoid drama.

“We’ve been negotiating very quietly because I didn’t know if it would come to fruition,” he said. “I didn’t want to go through the drama that we went through so much eight months ago.”

Manchin added that he has reached an agreement with Democratic leaders to support the bill in exchange for allowing reform later.

“If I don’t follow through on my commitment to vote and support this bill with all my heart, there are consequences, and there are consequences for both parties,” he told “Meet the Press.”

Manchin also noted that the bill will specifically target energy prices in the US by increasing production and using clean energy effectively.

“Inflation is the biggest challenge we have in our country right now,” he said on CNN’s “State of the Union.” “If you want to lower gas prices, produce more and produce it in America.”

Manchin dodges election talk

During his interviews on Sunday, Manchin repeatedly dodged questions about who he supports in the upcoming elections: the 2022 midterm elections and the 2024 presidential election.

“I’m not involved in any election right now,” he said on “State of the Union.”

He reiterated that he would work with whoever the voters chose and specifically would not answer whether he wants Democrats to retain control of Congress in November.

“What the voters choose,” he told “Meet the Press.” “Whoever you send me, is your representative and I respect them.”

When asked specifically if he would support Biden for re-election, he focused on Biden’s current presidency.

“Whoever is my president, that’s my president, and Joe Biden is my president right now,” he said on “This Week.”

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About the Author: Chaz Cutler

My name is Chasity. I love to follow the stock market and financial news!