Political and Legislative
Democrats Push to Fight Inflation With Reconciliation
Some Democrats are arguing that a revival of President Biden’s legislative agenda, parts of which aim to raise taxes on some high-income individuals and cut prescription drug costs, could help address the highest inflation in decades.
Recent data released by the Labor Department shows prices up 9.1 percent compared with a year ago, the highest rise since 1981 and significantly worse than economists’ expectations.
The figures drew swift a response from Sen. Joe Manchin (D-W.Va.), who expressed caution as he and Senate Majority Leader Charles Schumer (D-N.Y.) look to find common ground on components of the president’s economic agenda after talks unraveled last year.
