Quote from Savings Beagle on December 19, 2021, 1:02 pm

Anyone who understands public finance, even a little bit, realized the ramifications surrounding the passage of the Democrats' social spending bill, more commonly known as the Build Back Better Act.

Two legislators, Senator Kyrsten Sinema (D-AZ) and  Senator Joe Manchin (D-WV) held up its passage over a variety of concerns.  As time passed, Senator Manchin became the linchpin to the bill's passage.

And today, December 19, 2021, Senator Manchin announced his final (as final as any legislative position can be) position on the Build Back Better Act.

He will not be voting for the bill's passage.  Effectively killing the social spending bill.

In a statement released by Senator Manchin (text below), he outlines his reasons for not supporting the current bill.  His fiscal (and other) concerns are spot-on.

DECEMBER 19, 2021

MANCHIN STATEMENT ON BUILD BACK BETTER ACT

Washington, DC – Today, U.S. Senator Joe Manchin (D-WV) released the following statement on the Build Back Better Act.

“For five and a half months, I have worked as diligently as possible meeting with President Biden, Majority Leader Schumer, Speaker Pelosi and my colleagues on every end of the political spectrum to determine the best path forward despite my serious reservations. I have made my concerns clear through public statements, op-eds and private conversations. My concerns have only increased as the pandemic surges on, inflation rises and geopolitical uncertainty increases around the world.

“I have always said, ‘If I can’t go back home and explain it, I can’t vote for it.’ Despite my best efforts, I cannot explain the sweeping Build Back Better Act in West Virginia and I cannot vote to move forward on this mammoth piece of legislation. 

“My Democratic colleagues in Washington are determined to dramatically reshape our society in a way that leaves our country even more vulnerable to the threats we face. I cannot take that risk with a staggering debt of more than $29 trillion and inflation taxes that are real and harmful to every hard-working American at the gasoline pumps, grocery stores and utility bills with no end in sight.

“The American people deserve transparency on the true cost of the Build Back Better Act. The non-partisan Congressional Budget Office determined the cost is upwards of $4.5 trillion which is more than double what the bill’s ardent supporters have claimed. They continue to camouflage the real cost of the intent behind this bill.  

“As the Omicron variant spreads throughout communities across the country, we are seeing COVID-19 cases rise at rates we have not seen since the height of this pandemic. We are also facing increasing geopolitical uncertainty as tensions rise with both Russia and China. Our ability to quickly and effectively respond to these pending threats would be drastically hindered by our rising debt.

“If enacted, the bill will also risk the reliability of our electric grid and increase our dependence on foreign supply chains. The energy transition my colleagues seek is already well underway in the United States of America. In the last two years, as Chairman of the Senate Energy and Natural Resources Committee and with bipartisan support, we have invested billions of dollars into clean energy technologies so we can continue to lead the world in reducing emissions through innovation. But to do so at a rate that is faster than technology or the markets allow will have catastrophic consequences for the American people like we have seen in both Texas and California in the last two years. 

“I will never forget the warning from then Chairman of the Joint Chiefs of Staff, Admiral Mike Mullen, that he delivered during a Senate Armed Services Committee hearing during my first year in the Senate. He testified that the greatest threat facing our nation was our national debt and since that time our debt has doubled.

“I will continue working with my colleagues on both sides of the aisle to address the needs of all Americans and do so in a way that does not risk our nation’s independence, security and way of life.”

Finally, a Democrat who recognizes and publicly acknowledges the financial problems facing America.  If only other Democrats would do the same.

DECEMBER 19, 2021

MANCHIN STATEMENT ON BUILD BACK BETTER ACT

Washington, DC – Today, U.S. Senator Joe Manchin (D-WV) released the following statement on the Build Back Better Act.

“For five and a half months, I have worked as diligently as possible meeting with President Biden, Majority Leader Schumer, Speaker Pelosi and my colleagues on every end of the political spectrum to determine the best path forward despite my serious reservations. I have made my concerns clear through public statements, op-eds and private conversations. My concerns have only increased as the pandemic surges on, inflation rises and geopolitical uncertainty increases around the world.

“I have always said, ‘If I can’t go back home and explain it, I can’t vote for it.’ Despite my best efforts, I cannot explain the sweeping Build Back Better Act in West Virginia and I cannot vote to move forward on this mammoth piece of legislation. 

“My Democratic colleagues in Washington are determined to dramatically reshape our society in a way that leaves our country even more vulnerable to the threats we face. I cannot take that risk with a staggering debt of more than $29 trillion and inflation taxes that are real and harmful to every hard-working American at the gasoline pumps, grocery stores and utility bills with no end in sight.

“The American people deserve transparency on the true cost of the Build Back Better Act. The non-partisan Congressional Budget Office determined the cost is upwards of $4.5 trillion which is more than double what the bill’s ardent supporters have claimed. They continue to camouflage the real cost of the intent behind this bill.  

“As the Omicron variant spreads throughout communities across the country, we are seeing COVID-19 cases rise at rates we have not seen since the height of this pandemic. We are also facing increasing geopolitical uncertainty as tensions rise with both Russia and China. Our ability to quickly and effectively respond to these pending threats would be drastically hindered by our rising debt.

“If enacted, the bill will also risk the reliability of our electric grid and increase our dependence on foreign supply chains. The energy transition my colleagues seek is already well underway in the United States of America. In the last two years, as Chairman of the Senate Energy and Natural Resources Committee and with bipartisan support, we have invested billions of dollars into clean energy technologies so we can continue to lead the world in reducing emissions through innovation. But to do so at a rate that is faster than technology or the markets allow will have catastrophic consequences for the American people like we have seen in both Texas and California in the last two years. 

“I will never forget the warning from then Chairman of the Joint Chiefs of Staff, Admiral Mike Mullen, that he delivered during a Senate Armed Services Committee hearing during my first year in the Senate. He testified that the greatest threat facing our nation was our national debt and since that time our debt has doubled.

“I will continue working with my colleagues on both sides of the aisle to address the needs of all Americans and do so in a way that does not risk our nation’s independence, security and way of life.”

Finally, a Democrat who recognizes and publicly acknowledges the financial problems facing America.  If only other Democrats would do the same.