Inflation may get worse before it gets better and that would further erode support for President Joe Biden's Build Back Better legislation, Goldman Sachs says.
The Wall Street bank told clients Thursday that the chances Biden's signature legislation gets enacted at all"looks lower." Congress is unlikely to pass Build Back Better this year, despite the fact that the child tax credit payments will lapse if no action is taken."The year-end deadline to extend the CTC was the most important forcing event and it is less clear what, if anything, will serve as a new deadline for action," Goldman Sachs economists wrote.
The bank said that means a"longer delay could further soften support for the bill." Consumer prices rose in November by 6.8% from the year earlier, the biggest jump in 39 years. Democratic Senator Joe Manchin has expressed concern that the legislation will pile further pressure on prices.
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
What Biden's Build Back Better bill could mean for inflationCritics of the Build Back Better bill point to the current rise in prices as a reason why it's the wrong time for Congress to authorize some $1.75 trillion in new spending. But many policy analysts say that the impact on inflation will be relatively small.
Read more »
Democrats' hopes dim that Build Back Better will pass before New YearDemocrats in the Senate are preparing to miss their self-imposed deadline to pass President Biden’s $1.7T social safety net bill before the end of the year, according to 4 sources familiar with planning by Senate Majority Leader Schumer’s office.
Read more »
As the Build Back Better clash spills into 2022, business lobby intensifies resistance'We will – we must – get Build Back Better passed, even in the face of Republican opposition,' President Biden said.
Read more »
Donald Trump wants Mitch McConnell ousted over 'unfrastructure' and 'Build Back Worse' billsMcConnell and other Republicans had ample reason to assist Democrats in raising the debt ceiling, despite Trump's disapproval.
Read more »