Senate Majority Leader Chuck Schumer called 230 economists who are warning that the is expected to contribute to skyrocketing inflation wrong during a press conference Friday.
Schumer argued that the experts are wrong when asked about the letter sent by 230 economic experts to House and Senate leadership, first reported by Fox News Digital Thursday. Schumer, D-N. Y., told reporters that he didn't know who that list was.
The economists wrote in the letter that the U.S. economy is at a dangerous crossroads and the inaptly named Inflation Reduction Act of 2022 would do nothing of the sort and perpetuate the same fiscal policy errors that have caused the current troubling economic climate. Some of the notable signers include Nobel laureate Vernon Smith, former Chair of the Council of Economic Advisers Kevin Hassett, former Director of the Office of Management and Budget Jim Miller and Robert Heller, former President of the Federal Reserve Board from 1986 to 1989.
The experts conclude that although they agree with an urgent need to address inflation, Manchin's bill is a misleading label applied to legislation that would achieve the opposite effect. After more than a year of negotiations, Senator Joe Manchin, D-W. Va., announced last week that he reached an agreement with Schumer.
The Senate is set to hold a session on Saturday to vote on a procedural motion to move the bill forward. Sen. Kyrsten Sinema, D-Ariz., said she is supportive of moving the legislation forward, and her vote is necessary for the final passage of the bill under reconciliation rules that would allow a majority to pass.
Sinema said that the Senate's budget reconciliation legislation will allow the removal of the carried interest tax provision, protect advanced manufacturing, and boost the clean energy economy. Before the Senate convenes Saturday, the parliamentarian is expected to release her review of the legislation.