What Biden's Build Back Better bill could mean for inflation
CNN
Critics of the Build Back Better bill point to the current rise in prices as a reason why it's the wrong time for Congress to authorize some $1.75 trillion in new spending. But many policy analysts say that the impact on inflation will be relatively small.
Many Republicans argue that injecting more federal money into the economy will add fuel to the fire, while the White House and some Democrats say that the bill will reduce the cost of living for many low-income families and ease inflation over the long run.
But a key Democratic holdout, Sen. Joe Manchin of West Virginia, is also concerned about the potential impact the bill would have on inflation. That's a problem for Biden, who needs all 50 Democratic votes in the Senate for the legislation to move forward. If passed, the spending plan aims to transform the nation's social safety net and combat climate change.
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