HomePromised Mansion Reconciliation Package Will Cost Schumer $1.5 Trillion

Promised Mansion Reconciliation Package Will Cost Schumer $1.5 Trillion

Senator Chuck Schumer (D-NY) promised on a July paper signed by Senator Joe Manchin (D-WV) that the reconciliation package would only cost $1.5 trillion, not the $3.5 trillion proposed by President Biden and the number of House Democrats who are demanding with it. .

The document signed by both men, confirmed by Fox News, He says The “preliminary” figure for the settlement package will be $1.5 trillion with discussion on the package beginning no later than October 1.

“Senator Manchin does not guarantee that he will vote on final reconciliation legislation if he exceeds the terms set forth in this agreement,” the paper reads, commenting the deal on Manchin’s demands on the paper.

The document also reveals that the two men agreed that the package would include ending the Federal Reserve’s quantitative easing, meaning the Fed would stop pumping money into the economy.

The signed document also proposes raising the corporate tax rate to 25 percent, the top income tax rate to 39.6 percent, and raising the capital gains tax rate to 28 percent, along with any revenue from the bill “exceeding” the $1.5 trillion cut. impotence.

The disclosure of the letter is a slap to members of the far left because it confirms their worst fears that no guarantees are likely that the package will include an additional $2 trillion in spending to fund the most radical elements of President Biden’s reconciliation package. .

But Schumer has already returned to promote the signed agreement.

Leader Schumer never agreed to any of the terms set by Senator Manchin; He only acknowledged where Senator Manchin was on the subject at the time, “Schumer’s spokesperson Tell Politico.

“Sen. Manchin did not rule out a vote on a reconciliation bill that went beyond the ideas he had outlined, and Leader Schumer made it clear that he would work to persuade Senator Manchin to support a final reconciliation bill — as he had been doing for weeks,” the spokesperson claimed.

However, Manchin released a statement Wednesday night that reiterated its position from July. “I cannot – and will not – support trillions in spending or an all-or-nothing approach that ignores the brutal financial reality our nation faces.”

“There is a better way and I think we can find it if we are willing to continue negotiating in good faith,” he added.

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