Sen. Joe Manchin (D-W.Va.) on Sunday defended his recently announced Inflation Reduction Act against claims that the bill could increase inflation over the next year and a half.
Manchin told ABC’s chief Washington correspondent, Jonathan Karl, on “This Week” that such projections aren’t factoring in everything in the legislation.
“We’re paying down $300 billion for debt — $300 billion we’re taking of this bill, paying it towards debt,” he said. “First time in 25 years.”
The $670 billion reconciliation bill will invest in reliable energy and new technologies, focusing on domestic production to “aggressively produce” in the U.S. and lower costs for Americans, Manchin said.
“But to all of this, they’re not factoring any of that in.”
The Inflation Reduction Act of 2022 is a scaled-down version of President Biden’s Build Back Better economic package, which Manchin blocked over inflation fears.