Cassidy says Schumer-Manchin deal injects ‘incredible amount of uncertainty into the economy’

Cassidy says Schumer-Manchin deal injects ‘incredible amount of uncertainty into the economy’

Sen. Bill Cassidy (R-La.) on Sunday knocked the Inflation Reduction Act championed by Senate Majority Leader Charles Schumer (DN.Y.) and centrist swing vote Sen. Joe Manchin (DW.Va.), saying the bill could lead to a recession despite its sponsors’ claims that it will tamp down rising prices.

“It may be disinflationary by causing a recession. They’re interjecting an incredible amount of uncertainty into the economy just as we entered a recession,” Cassidy told Jonathan Karl on ABC’s “This Week.”

The measure is a scaled-down version of the Build Back Better Act that Manchin stymied last year.

The $670 billion reconciliation bill announced last week would invest in domestic energy, lower prescription drug costs, combat climate change and reduce the deficit by closing tax loopholes on wealthy individuals and corporations.

“Much of what he says about this bill is just not true,” Cassidy said Sunday of Manchin’s comments earlier on the ABC program when the West Virginia Democrat defended his support of a climate and tax deal against claims that the measure could increase inflation over a year and a half.

Cassidy instead argued that the bill would raise taxes and lead to higher costs for consumers.

“I think what we’re doing is inducing [manufacturers] to move to Asia. You can have a disinflationary program by causing a recession. I think this is going to lead to a worse recession.”

— Updated at 11:49 am

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