Senators Schumer and Manchin Were Contacted by US President Biden to Express their Support for the Inflation Control Act.

In support of the most recent action taken by US Senate Majority Leader Chuck Schumer and Senator Joe Manchin, US President Joe Biden said, "I strongly urge the Senate to vote on this bill as soon as possible, and the house to do the same."

July 28, 2022 - 12:10 PM 255 views

Senators Schumer and Manchin Were Contacted by US President Biden to Express their Support for the Inflation Control Act

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© Senators Schumer and Manchin Were Contacted by US President Biden to Express their Support for the Inflation Control Act

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In support of the most recent action taken by US Senate Majority Leader Chuck Schumer and Senator Joe Manchin, US President Joe Biden said, "I strongly urge the Senate to vote on this bill as soon as possible, and the house to do the same."

Early on Thursday in Asia, US Vice President Biden declared his support for the recently reached agreement amongst the important US Senators.

According to CNBC news, "Senate Majority Leader Chuck Schumer, D-N.Y., and Sen. Joe Manchin, D-W.Va., said on Wednesday that they had reached a long-awaited agreement on legislation that seeks to restructure the tax code, combat climate change, and reduce healthcare costs. "The senators stated in a joint statement that the reconciliation plan would spend more than $400 billion over ten years, and that it would be fully repaid by closing tax loopholes for the wealthiest individuals and companies. The senators claimed that plan would result in a $300 billion reduction in deficits over that ten-year period, citing figures from the nonpartisan congressional tax and budget offices "including the news.

The Market Reaction

Since concerns about a US recession still exist and temper the Fed's confidence, the news did not impress buyers. By press time, the S&P 500 Futures were down 0.15 percent intraday but still reflecting the same.

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