Senator Joe Manchin's opposition to the Build Back Better Act prompted Goldman Sachs to swiftly dim its US economic outlook.
The Wall Street firm told clients Sunday it no longer assumes President Joe Biden's signature legislation will get through the narrowly divided Congress, citing the West Virginia Democrat's announcement that he's a"no" on the $1.75 trillion bill."A failure to pass BBB has negative growth implications," Goldman Sachs economists, led by Jan Hatzius, said in the research report.
Biden's Build Back Better bill under threat from surging prices, Goldman Sachs says"With headline CPI reaching as high as 7% in the next few months in our forecast before it begins to fall, the inflation concerns that Sen. Manchin and others have already expressed are likely to persist, making passage more difficult," Goldman Sachs economists wrote."The omicron variant is also likely to shift political attention back to virus-related issues and away from long-term reforms.
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