chuckat schumer, released a joi statement, with senator manchin saying that theem west virginia democrat will now support, not oppose, but yes, support the democrats rt big new budget dea. despite objecting to it, just two weeks ago. now, we don t have all the details yet, but a one-page summary says that the deal will make progress in some pretty big areas. including a 15% minimum tax on corporations, along with other provisions to make the ultra wealthy pay their fair share of tax. lowering affordable care act premiums for millions of americans, allowing medicare to negotiate the price of prescription drugs, something democrats have been trying to achieve for over a decade. decreasing energy production and decreasing carbon emissions over the next 40%. which would be huge. and 725 pages. obviously, this is not a done deal yet reactions from other democratic members of congress have ranged from cautious optimismge to outright frustratn at having apparently been kept out of t
an idea of a national security expert, democrats should rename build back better as the anti-inflation act of 2022 and put it in front of manchin co vote down.vo and six months later, that is sort of what they did. take a look at that again. here is the headline. manchin supports inflation reduction act of 2022. that is how democrats are shifting the narrative on this new slimmed down version of biden s legislative agenda. because many of the policies that the dems have been pushing all along, things like reducing drug price, taxing corporations, investing in new sources of energy, n these are all things that will help reduce inflation, and it comes at r a time when t debate about how america should tacklede inflation is heating u. today, federal reserve chairman jerome powell announced that the fed will increase interest rates byre another three fourths of a percentage point. that may seem like small change
butee each interest rate increa, it increases the cost of mortgages and car loans and student loan payments and those higher costs are not some bad side effect of the fed s policy goal, rather increasing borrowing costs across the economy is the goal. it is what jerome powell wants to happen. because when people have less money, the theory is they spend less money and when people spend less money, inflation goes down. that is whatat we are talking about when i we say that the federal reserve is raising interest rate. there is a case to be made that is the kind of tough medicine our economy needs right now to keep prices from continuing to soar. which is ace real problem that needs to be addressed. but there are also those who think wet may be on the verge taking it too far. one of those people is senator warren. this week, she published this op-ed in the wall street journal, jerome powell s fed pursues a painful and ineffective inflation cure and the senator writes quote, when the fe
theirst operations. as a result, employers will slow hiring, cut hours and fireworkers, leaving families money.ess in the floodless language of economists, that s referred to as dampening demand. make no mistake, she continues, if theak fed cuts to much, or t abruptly, the o resulting recession will leave millions of people disproportionately lower wagepr workers and workers of color with smaller paychecks or no paychecks at all. what does she think we should do to stem rising inflation? joining us know is senator elizabeth warren.in senator,en thank you for being the show tonight. good to see you. good to see you, too. let me start by asking you what you think ofle this seemingly major, major deal announced by senators schumer and manchin, because did you even know about this deal prior to today? and is charlie going to finally get the football?ll well, i certainly hope that charlie sly going to get the
bringing down costs for families, and putting the country on a sounder economic footing. so you ve described this bill as manchin and schumer as anti-inflationary. the fed has been doing some anti-inflationary activities this week. you warned that jerome powell shouldn t raise rates again, but he did today. d another historic rise. how worried you are now of the prospect of interest rise reducedpr recession in the comi weeks or months? i m very worried. and the reason i m worried is that using the one tool that the fed has, which is to raise interest i rates, and using it aggressively to pound on this economy, when it doesn t address many of the costs that families are feeling directly, is not a way to help families out, and will not address some of the biggest drivers of inflation. in fact, just a few weeks ago,