Joe Biden’s Presidency suffered another massive setback.
But this time it came from a member of his own administration.
And all hell broke loose when Joe Biden got the one letter he did not want to read.
Joe Biden’s $1.75 trillion socialist spending bill hinges on the vote of West Virginia Democrat Joe Manchin.
Manchin won’t commit to supporting the bill because of concerns about the nearly 30 trillion-dollar national debt and skyrocketing inflation.
And Joe Biden just got hit with some bad news on both of those fronts.
The latest government inflation report showed prices jumping 6.8 percent in October, the largest increase in inflation since 1982.
On that same day, the Congressional Budget Office released an analysis of the socialist spending bill, revealing it would cost five trillion dollars and add three trillion dollars to the national debt if all the socialist welfare provisions were extended for ten years.
“The Congressional Budget Office and the staff of the Joint Committee on Taxation project that a version of the bill modified as you have specified would increase the deficit by $3.0 trillion over the 2022–2031 period (see Table 2). That amount includes three components: effects usually counted in CBO’s cost estimates (which are labeled conventional effects in the table), the effects of increased resources for tax enforcement, and effects on interest on the public debt. Under long-standing guidelines agreed to by the legislative and executive branches, estimates to be used for budget enforcement purposes include the first component but not the second and third,” the Congressional Budget Office letter read.
Of course, as a part of a desperate attempt to save his flailing Presidency, Joe Biden told two big lies about this socialist spending bill to try and muscle it through Congress.
Biden not only claimed that the bill would not increase inflation, but he also promised it would not cost taxpayers a dime.
However, the CBO letter and the government reporting the largest increase in inflation in 39 years destroyed both of those lies.
Joe Manchin already indicated he would feel comfortable pushing off the vote on the socialist spending bill until 2022.
But Manchin also wants to run for re-election to the U.S. Senate in ruby-red West Virginia in 2024.
And the more bad economic news that comes in could allow Manchin to kill the bill by simply delaying announcing his public support for the bill until after midterm election, when it’s likely the Republicans will take back control of Congress.
Renewed Right will keep you up-to-date on any new developments in this ongoing story.