The “Joe Manchin Show” was on full display on Sunday as he did the “full Ginsburg,” appearing on all five Sunday talk shows for interviews days after he and Senate Majority Leader Charles Schumer (D-N.Y.) shocked all with the deal heard ‘round the Hill. He did so in support of the $670 billion climate, health care and tax package, hailing it as an inflation-fighting tool.

Note: The Penn Wharton Budget model finds the budget reconciliation package being considered by Senate Democrats “would reduce non-interest cumulative deficits by $248 billion” and “the impact on inflation is statistically indistinguishable from zero.”

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UPDATE: What? The Republicans lied? Analysis Deems Biden’s Climate and Tax Bill Fiscally Responsible: Despite Republican claims, the new legislation would be only a modest corporate tax increase, Congress’s Joint Committee on Taxation found.

The Hill’s Morning Report — Can Dems pass Manchin-Schumer bill this week?

“How in the world can it be inflammatory [He means inflationary]?” Manchin told CNN’s “State of the Union.” “How can it add flames to the inflation fires right now if you’re paying down debt, you’re increasing more production from fossil industry in energy, and we’re doing it cleaner [than] anywhere in the world?”

“This is not a green deal. It’s not a Republican deal. It’s not a Democrat deal. It is a red, white and blue deal. And this is what the American people want, solutions and a balanced energy approach,” Manchin continued.

The Hill: Manchin defends climate, tax deal with Schumer in multishow blitz.

CNN: Manchin says Republicans in “normal times” would be supporting energy, health care bill.

The centrist Democrat noted that the blueprint would invest in reliable energy and new technologies, focusing on domestic production to “aggressively produce” in the U.S. and lower costs for Americans. However, “But to all of this, they’re not factoring any of that in,” he claimed (The Hill).

As for the tax increases included in the bill — a new 15 percent minimum tax on large profitable corporations — Manchin claimed that they actually aren’t tax hikes. Instead he defended them as closing loopholes (The Wall Street Journal).

However, the tax hike issue could be a problem for Sen. Kyrsten Sinema. The Arizona Democrat has made it known over the past year that she opposes an item in the legislation that would pare back the carried-interest loophole. [“Silent Sinema”] has declined to weigh in on the bill since it was released.

The bottom line: Sinema is one of the last hopes for Republicans as they hope to derail this bill.

“She has a spine of steel. She’s not going to easily be twisted,” Sen. John Barrasso (Wyo.), a member of GOP leadership, told Fox News on Sunday. “In terms of, will this pass, they need all 50 Democrats on board and in the room. … They haven’t had 50 senators show up for work in well over a month. So, this is far from done.”

Wow, Barrrasso just outed Sinema as a Vichy Democrat collaborator with the enemies of democracy in the Sedition Party. By blowing her cover Republicans are not even trying to maintain her plausible deniability.

Barrasso was also referring to the effect COVID-19 has had on the chamber in recent weeks as at least a handful of Democrats have tested positive for the virus, including Sen. Dick Durbin (Ill.), who will miss the opening of this week while in quarantine.

Everything is expected to come to a head this week. Schumer and top Democrats will attempt to shepherd the bill through the upper chamber before senators break for the August recess.

The Hill: Manchin says Sinema is not involved in bill talks because he “didn’t think it would come to fruition.”

In other words, he considers her an obstructionist Vichy Democrat collaborator with the enemies of democracy, a spy who would reveal his negotiations to the Sedition Party. Sinema is not to be trusted.

Politico: Manchin to Sinema: Believe in this bill.

The Hill: This week: Senate Democrats race to finish tax and climate package — if Sinema signs on.

Bloomberg News: Manchin spending deal includes billions in taxes on oil sector.

“Silent Sinema” cannot remain silent for long. Time’s up lady, this bill is moving this week.

UPDATE: The Hill reports, Economists say reconciliation bill will lower prices for all Americans:

A group of more than 120 economists is backing the climate, health care and tax package that Senate Majority Leader Charles Schumer (D-N.Y.) will bring to a vote this week.

The economists said in a letter addressed to Schumer, Speaker Nancy Pelosi (D-Calif.), Senate Minority Leader Mitch McConnell (R-Ky.) and House Minority Leader Kevin McCarthy (R-Calif.) that the Inflation Reduction Act will reduce prices for American families while making “crucial” investments in energy and health care.

They added that the legislation will quickly and noticeably lower health care costs by allowing Medicare to directly negotiate drug prices with pharmaceutical companies and capping out-of-pocket prescription drug costs at $2,000. And it will lower health insurance prices for 13 million Americans in expanding the provisions of the Affordable Care Act, they said.

The economists also said in the letter, first reported by CNN, that the investments the legislation would make would be “more than fully paid for” since the revenue to finance them would come from wealthy individuals and corporations.

The bill would raise $739 billion in revenue from a range of provisions, including a 15 percent corporate minimum tax, stronger IRS enforcement of tax law and closing loopholes.

“This proposal addresses some of the country’s biggest challenges at a significant scale,” the letter states. “And because it is deficit-reducing, it does so while putting downward pressure on inflation.”

The package would also make significant investments in climate programs, which Schumer and Sen. Joe Manchin (D-W.Va.) have said would reduce emissions by 40 percent by 2030, while devoting $300 billion to deficit reduction.

The economists said this would be the biggest step in fighting climate change yet and lower energy costs for families.

The signatories include Robert Rubin, a Treasury secretary under former President Clinton; Jack Lew, a Treasury secretary under former President Obama; and Mark Zandi, the chief economist for Moody’s Analytics, an economic research and consulting organization.

A Moody’s analysis found that the package will “nudge” inflation in the right direction and “meaningfully” address climate change.

Senate Republicans – who know absolutely nothing about economics – have lied that the legislation would worsen inflation and raise taxes across the board.

Lying and fear mongering are all that Republicans know.

UPDATE: Five former Treasury secretaries — including Hank Paulson, who served under President George W. Bush — signed a statement strongly backing the “Inflation Reduction Act” brokered by Senate Majority Leader Chuck Schumer and Sen. Joe Manchin (D-W.Va.). The others who signed on are Robert Rubin and Larry Summers (President Clinton), Tim Geithner and Jacob Lew (President Obama).

“As former Treasury Secretaries of both Democratic and Republican Administrations,” the statement says, “we support the Inflation Reduction Act which is financed by prudent tax policy that will collect more from top-earners and large corporations.

“Taxes due or paid will not increase for any family making less than $400,000/year. And the extra taxes levied on corporations do not reflect increases in the corporate tax rate, but rather the reclaiming of revenue lost to tax avoidance and provisions benefitting the most affluent.

The selective presentation by some of the distributional effects of this bill neglects benefits to middle-class families from reducing deficits, from bringing down prescription drug prices, and from more affordable energy. This legislation will help increase American competitiveness, address our climate crisis, lower costs for families, and fight inflation — and should be passed immediately by Congress.”




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