After multiple reports showing inflation is increasingly raging out of control, Democratic Senator Joe Manchin announced late Thursday he will not support current proposals from Majority Leader Chuck Schumer and President Joe Biden to raise taxes on job creators and ramp up spending for expensive climate change projects.
B) Manchin spox: Senator Manchin believes it’s time for leaders to put political agendas aside, reevaluate and adjust to the economic realities the country faces to avoid taking steps that add fuel to the inflation fire.
— Chad Pergram (@ChadPergram) July 15, 2022
From Saudi Arabia, where Biden is begging royal leaders for additional oil production while hamstringing domestic energy producers, the president is threatening executive action if Manchin doesn't get on board.
"Action on climate change and clean energy remains more urgent than ever. So let me be clear: if the Senate will not move to tackle the climate crisis and strengthen our domestic clean energy industry, I will take strong executive action to meet this moment," Biden said. "I want to thank Leader Schumer for his dogged and determined effort to produce the strongest possible bill."
Meanwhile, Europe continues to barrel into an energy crisis after implementing a number of climate change proposals. Prices at the pump in the U.S. remain at record highs.
Bank of America says Europe at the "burn anything at hand" phase to keep the lights on.
— Brian Sullivan (@SullyCNBC) July 10, 2022
Raises coal price forecasts for this year and 2023.
The word "crisis" is thrown around wayyyy to much .. but the risk of huge numbers of people freezing to death this winter IS a crisis.