Finance Inquirer
No Result
View All Result
Thursday, November 5, 2026
  • Login
  • Home
  • Business
  • Technology
  • Finance
  • Stock Market
Subscribe
Finance Inquirer
  • Home
  • Business
  • Technology
  • Finance
  • Stock Market
No Result
View All Result
Finance Inquirer
No Result
View All Result
Home Business

Biden wanted to build back better, but Manchin shot down his signature $2 trillion bill, preserving America as it is for now

Tom Hagler by Tom Hagler
24.12.2021
in Business
Biden wanted to build back better, but Manchin shot down his signature $2 trillion bill, preserving America as it is for now
152
SHARES
1.9k
VIEWS
Share on FacebookShare on Twitter

President Joe Biden speaks with Senate Majority Leader Chuck Schumer of N.Y., and House Speaker Nancy Pelosi of Calif., about the American Rescue Plan at the White House in March 2021.

Jabin Botsford/The Washington Post via Getty Images

  • Biden’s economic agenda was thrown into jeopardy by Sen. Joe Manchin.
  • It set off a scramble among Democrats to rescue the $2 trillion centerpiece of their agenda.
  • Instead of Build Back Better, the Democrats could be left with the country pretty much as is.

President Joe Biden entered office in January with a straightforward pledge from his campaign: to Build Back Better.

The alliterative phrase was Biden’s version of Donald Trump’s “Make America Great,” and its vagueness and grammatical oddity provoked some criticism over what it truly meant. For instance, British comedy writer Ian Martin wrote in the Guardian that it was “catchy, unoriginal and spectacularly meaningless.”

But as Biden’s legislative agenda became clear after he won election, it was clear he wanted to build America back to a point that was better than it has been. That’s been a hard sell.

In the spring, Biden laid out a pair of plans to overhaul the economy with new investments in roads and bridges along with another package to expand the social safety net and combat the climate emergency.

The first plan became law with support from some Republicans in late summer, but drawn-out negotiations on the latter culminated in a spectacular blow-up with a member from Democrats’ own ranks on Sunday: Sen. Joe Manchin of West Virginia. He rejected the sprawling package in a national interview on Fox News, effectively putting him in league with 50 Republican senators who stand in opposition. It set off a scramble among Democrats to rescue the $2 trillion centerpiece of their agenda that many of them view as critical investments to level the playing field for Americans.

Here’s why 51 members of the senate want to leave the country pretty much as it is, roads and bridges aside, and what might still be possible to salvage from Biden’s sweeping agenda.

‘Sen. Manchin and I are going to get something done’

The legislation now in jeopardy would amount to the largest expansion of the American safety net in a generation. It would set up universal pre-K, renew monthly child tax credit payments to American families for another year, establish federal subsidies for childcare, set up a national paid leave program, address the climate crisis and more. It would be financed with new taxes on rich Americans and large corporations currently paying little or nothing. 

Biden campaigned on reversing the widening inequality between the richest Americans and everyone else. A recent report from the left-leaning Economic Policy Institute found that wages for the top 1% grew almost ten times faster compared to the bottom 90% in 2020, Insider’s Juliana Kaplan reported. 

“Democrats have a once-in-a-generation opportunity to improve American society, not just for a few years, but permanently,” Ben Ritz, a budget expert at the centrist Progressive Policy Institute, wrote in a New York Times op-ed. “Doing so would give them some clear victories they can point to with voters that lay the groundwork for future success.”

That’s part of the reason Biden has staked the success of his presidency into the Build Back Better plan. “For much too long, the working people of this nation and the middle class of this country have been dealt out of the American deal, and it’s time to deal them back in,” he said in October.

GOP lawmakers cite exactly this reason for their opposition, assailing the package as one that would saddle businesses with job-killing tax hikes and lead to a bloated federal government.

Senate Minority Leader Mitch McConnell of Kentucky lauded Manchin for torpedoing the social and climate legislation. “He gave the American people the Christmas gift they needed,” McConnell said in a Fox News interview on Wednesday. “He killed this bill in its current form, which would have been really bad for America.”

Manchin has expressed support, though, for some climate-change initiatives that are tech-neutral. He also included an extension of Affordable Care Act subsidies and universal pre-K in his reported pitch to the White House.

Manchin’s vote is so crucial because of the  difficult legislative math: A three-seat majority in the House and a 50-50 Senate where he can’t lose a single Senate Democratic vote, including Manchin’s, due to the wall of GOP opposition. 

Biden isn’t throwing up his hands in defeat yet. Democrats are reconvening in January with the aim of getting a newer, slimmer version of the legislation over the finish line. Assuaging Manchin’s concerns about excessive government spending may take months, but Democrats want to demonstrate to voters they’re capable of delivering tangible improvements to people’s lives.

“Sen. Manchin and I are going to get something done,” Biden told reporters on Tuesday.

Read the original article on Business Insider businessinsider?d=yIl2AUoC8zA businessinsider?i=IPtIrHjm8xA:uOIdh7NLV- businessinsider?i=IPtIrHjm8xA:uOIdh7NLV- businessinsider?d=qj6IDK7rITs businessinsider?i=IPtIrHjm8xA:uOIdh7NLV-

  • Trending
  • Comments
  • Latest
P2Pro: profitable changes are coming!

P2Pro: profitable changes are coming!

13.09.2022
Saving and investing the two keys to your future retirement

Saving and investing the two keys to your future retirement

21.06.2022
The Dow Jones slept through the whole trade despite positive data from the labor market. Nasdaq had its best streak of gains this year

The Dow Jones slept through the whole trade despite positive data from the labor market. Nasdaq had its best streak of gains this year

01.09.2022
The ranking of countries in terms of the coverage of children with preschool education has been compiled

The ranking of countries in terms of the coverage of children with preschool education has been compiled

03.11.2022
Take the best photos of your life with the new vivo Y76 5G now available

Take the best photos of your life with the new vivo Y76 5G now available

Complete your Christmas shopping with up to 75% off on devices at vivo’s Big Christmas Sale on Shopee

Complete your Christmas shopping with up to 75% off on devices at vivo’s Big Christmas Sale on Shopee

AirPods 3 vs AirPods 2 – What’s the Difference?

AirPods 3 vs AirPods 2 – What’s the Difference?

Want to be a content creator? Here are 5 valuable tips from today’s top Pinoy online celebrities

Want to be a content creator? Here are 5 valuable tips from today’s top Pinoy online celebrities

European Technical Expands AMC Services Across Dubai Amid Rising Demand

04.11.2026
Occams Advisory Earns 9th Inc. 5000 Honor, Soars to No. 798 in 2025

Occams Advisory Earns 9th Inc. 5000 Honor, Soars to No. 798 in 2025

12.09.2025

A Family debt of €20 million marks a new chapter in Dasha Ozden’s life

04.09.2025

SnapInspect Shares Five Key Factors to Consider When Choosing Property Inspection Software

25.08.2025

Recent News

European Technical Expands AMC Services Across Dubai Amid Rising Demand

04.11.2026
Occams Advisory Earns 9th Inc. 5000 Honor, Soars to No. 798 in 2025

Occams Advisory Earns 9th Inc. 5000 Honor, Soars to No. 798 in 2025

12.09.2025

Categories

  • Business
  • Finance
  • News
  • Stock Market
  • Technology
  • Без рубрики

Site Navigation

  • Home
  • Contact Us
Finance Inquirer

We offer multimedia features, easy channel navigation, strong social media presence and numerous engagement platforms that allow the readers to experience content anytime, anywhere, always.

No Result
View All Result
  • Home
  • Business
  • Technology
  • Finance
  • Stock Market

© 2021 financeinquirer.com

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In