Joe Biden and the Democrats are facing a crisis.
The outcome of the 2024 elections could hang in the balance.
And one letter was the bad news about Joe Biden’s future that sent Democrats panicking.
Joe Biden’s trying to save his presidency by ramming a supposed $1.75 trillion socialist spending bill through Congress.
Democrats cling to the faint hope that passing this bill will provide the party a talking point to counteract the coming GOP onslaught on the inflation, crime and border crises that Joe Biden created.
The latest government report showing inflation surging at 6.8 percent – the biggest jump in 39 years – threw a monkey wrench into Democrats’ plans.
West Virginia Democrat Joe Manchin is refusing to commit to voting yes on the bill citing the inflationary pressure dumping nearly two trillion dollars of new money into the system will create.
Joe Biden countered by falsely claiming that the bill is fully paid for and that spending $1.75 trillion costs the taxpayers “zero.”
That lie collapsed after Republicans requested the Congressional Budget Office provide a cost estimate for what the socialist spending scheme will actually cost if the new welfare entitlements in the bill such as “free” daycare and the welfare payments for children are extended for ten years.
Congressional Budget Office Director Phillip Swagel wrote to Republicans detailing that the true cost of the bill was nearly five trillion dollars and that Joe Biden’s socialist welfare expansion would add an additional three trillion dollars to the national debt.
“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,” Director Swagel wrote.
Since Chuck Schumer triggered the budget reconciliation process to avoid a GOP filibuster Democrats cannot afford to lose one vote.
It was conventional wisdom inside Washington that Joe Manchin would eventually agree to whatever the Democrats could pass and hand Joe Biden the victory.
But Manchin told reporters he is comfortable waiting until 2022 because of concerns about inflation.
And each month the inflation numbers come in worse than the month before.
The longer Manchin waits, the worse inflation eats into Americans’ paychecks.
Manchin could be trying to wait out the bad news and bide his time for a month where the inflationary pressure on the economy eases to announce his support for the five-trillion-dollar socialist spending scheme.
However, the longer Manchin waits the more pain inflation inflicts on Americans which could force Manchin to tank the bill if he wants to run for re-election in deep red West Virginia in 2024.
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