Manchin stance sees Goldman Sachs lower forecasts for US economic growth
Joe Manchin’s stance on the ‘Build Back Better’ bill prompted investment bank Goldman Sachs to lower its forecasts for US economic growth. Manchin’s rejection of the bill threatened to scuttle hundreds of billions of dollars in funding for measures to fight climate change and meet the Biden administration’s climate goals.
Manchin has expressed concerns about a number of proposals in Biden’s signature domestic policy bill, including multiple climate proposals and extending monthly child tax credit payments.
Biden told reporters after Manchin’s rejection that he and the senator were “going to get something done” on the legislation.
Manchin’s support is crucial in the Senate chamber where the Democrats have the slimmest margin of control and Republicans are united in their opposition to the bill. Senate Majority Leader Chuck Schumer has said the chamber would vote on a package in early 2022.
US Representative Pramila Jayapal, a leading liberal House Democrat, has asked Biden to continue focusing on the social spending legislation and urged him to use executive action despite Manchin’s public rejection of the plan.