08/07/2022 | Press release | Distributed by Public on 08/07/2022 16:31
Washington, DC - U.S. Senator Joe Manchin (D-WV) released the following statement on the U.S. Senate passing the Inflation Reduction Act of 2022. The historic legislation will address record inflation by paying down our national debt, lowering healthcare costs, and increasing American energy production to provide relief at the pump and bolster energy security. The legislation will now move to the U.S. House of Representatives. Senator Manchin also secured a commitment from President Joe Biden, Senate Majority Leader Chuck Schumer and House Speaker Nancy Pelosi to move a comprehensive permitting reform package before the end of the fiscal year on September 30, 2022. To learn more about the permitting reform legislation, click here.
"For years, I have worked across the aisle to determine the most effective way to increase domestic energy production, lower energy and healthcare costs, and pay down our national debt without raising costs for working Americans. The Inflation Reduction Actis the product of that work and I am proud the Senate passed this bill that will lower the inflation taxes that have been so hurtful for West Virginian and American families. By investing in American energy production and innovative technologies the U.S. is on a path toward energy security, lower gas and home energy prices and we are leading the fight on global climate. By ensuring fairness in our federal tax code so that the largest and most profitable corporations pay their fair share, we can begin to get our financial house in order while protecting working Americans and small businesses. I look forward to seeing the U.S. House of Representatives pass this important legislation and President Biden quickly signing it into law. We are moving full steam ahead on comprehensive bipartisan permitting reform so we can efficiently and safely bring more domestic energy projects online. Congress will pass that legislation next month."
The Inflation Reduction Act will:
Invest in Energy Security
Cover Healthcare Costs
Address Inflation and Support Job Creation
What People are Saying:
To view the full list of statements supporting the Inflation Reduction Act, click here.
Senate Republican Leader Mitch McConnell (R-KY): The Inflation Reduction Actdoes not raise taxes [Fox News Radio, 8/3/2022]
Benson: He's trying to say this has nothing to do with taxes, not one penny of new taxes; do you have any clue what he means by that or what he's trying to convey with that?
McConnell: Yeah, look, Guy - he's saying no new tax rate increases: that's true.
Chief Economist of Moody's Analytics, Mark Zandi:The Inflation Reduction Act fights inflation, adds to growth [Moody's Analytics, 8/1/2022]
"As named, the Inflation Reduction Act will modestly reduce inflation over the 10-year budget horizon."
President of the Committee for a Responsible Federal Budget, Maya MacGuineas:The Inflation Reduction Actwill bring down inflation [Committee for a Responsible Federal Budget, 7/29/2022]
"The best thing Congress and the President can do to help avoid a recession is to help the Fed fight inflation. Lawmakers should be focused on legislation like the Inflation Reduction Act that could make the Fed's job easier. Improved tax collection, drug savings, and deficit reduction would put downward pressure on inflation and help ensure fiscal policy and monetary policy are rowing in the same direction." … "With inflation and the national debt both far too high, it's long past time that policymakers stop adding to the debt and shift focus to deficit reduction. The Inflation Reduction Act is exactly the kind of package lawmakers should put in place to help the economy in a number of ways."
Former U.S. Secretary of Treasury, Larry Summers:The Inflation Reduction Actlowers prices [Twitter, 7/28/2022]
"Less demand, more supply & direct better bargaining for lower prices--those are the things involved in reducing inflation. The bill reduces the deficit & the level of demand in the economy, reduces prescription drugs prices & increases supply by stimulating energy production."
Fortescue Metals Group CEO, Andrew Forrest:West Virginia can be super power with the Inflation Reduction Act[Talkline with Hoppy Kercheval, 8/4/2022]
"West Virginia can be a super power, the United States can be a super power in green energy as well as fossil fuel. Why would you just bet on one horse when you can win the race by betting on two horses and you've got both horses in it?"
National Mining Association Executive Vice President, Katie Sweeney:Key sections of the Inflation Reduction Actfocus on job creation [Politico, 8/3/2022]
"There are key sections of the bill that really focus on American job creation with American-sourced minerals. We like the requirement that minerals for batteries be sourced close to home rather than from our geopolitical rivals. Doing that directly supports the high-paying jobs here in the United States, strengthens our economy, definitely secures our supply chain and really enhances our global competitiveness.
United Mine Workers of America President, Cecil Roberts:Thousands in coalfields owe Senator Manchin debt of gratitude for the Inflation Reduction Act[United Mine Workers of America, 7/28/2022]
"Senator Manchin never wavered in his commitment to secure the funding for this program, and he delivered. Thousands in the coalfields owe him yet another debt of gratitude, and the UMWA will never forget his dedication to getting this done."
Shell USA President, Gretchen Watkins: Encouraged by efforts in the Inflation Reduction Actto secure domestic energy production [Shell, 8/5/22]
"Shell is encouraged by recent actions of Senate lawmakers to pass legislation to help diversify lower-carbon energy supply and secure domestic energy production. Transforming the energy system relies on collaboration that includes sound and effective policy, and we will continue working closely with policymakers to help accelerate the energy transition."
National Black Lung Association President, Gary Hairston:We counted on Senator Manchin, he was listening [Appalachian Voices, 7/28/2022]
"We told Senator Manchin we were counting on him to protect our black lung benefits, and today he proved that he was listening. The Black Lung Association is grateful for Senator Manchin's work to fight for miners and our families in West Virginia and across coal country. This permanent extension of the excise tax on coal gives us a level of security we've never had before. We also want to thank Senator Manchin for helping coal mining states find ways to develop new, good paying jobs. We urge every Senator and Representative in West Virginia and across the nation to support this bill. Let's get this done."
To learn more about the Inflation Reduction Act, click here.
To read the Inflation Reduction Act of 2022, click here.