First on CNN: Top economists say Democrats’ health care and climate package will put ‘downward pressure on inflation’
The letter was signed by key economists including former Clinton Treasury Secretary Robert Rubin and Obama Treasury Secretary Jack Lew, Obama Labor Department Chief Economist Betsey Stevenson , Moody’s Analytics Chief Economist Mark Zandi, former Congressional Budget Office Director Doug Elmendorf, and Nobel Prize-winning economist. Joseph Stiglitz, among others.
“It started meeting late last week with some of the signatories who tuned in to discuss how they could highlight the economic value of the bill and push back against some of the economic misinformation that is causing it. ‘surrounds,’ a source familiar with the letter said. .
Those investments, the group wrote, “would be more than fully paid for,” pointing to its provision to impose a 15% minimum tax on certain corporations.
“This proposal addresses some of the country’s biggest challenges on a meaningful scale. And because it reduces the deficit, it does so while putting downward pressure on inflation,” the economists said.
Schumer said Monday he expects the parliamentary process to be completed and the Senate to vote on the bill this week before the August recess.
“This week, the Senate will take action on a groundbreaking bill, a bill we haven’t seen in decades,” he told the Senate. “Over the coming days, both parties will continue to have conversations with the House of Commons to move the bipartisan ‘Byrd Bath’ process forward. Our timeline has not changed and I plan to introduce this bill in the Senate to begin vote this week.”
“Many key factors are omitted from these tables, including the effects of deficit reduction, the positive effects of clean energy spending, and the benefits of lower drug prices,” Clausing wrote.
CNN’s Tami Luhby, Matthew Egan and Ali Zaslav contributed to this report.