“This historic legislation makes crucial investments in energy, health care, and in shoring up the nation’s tax system. These investments will fight inflation and lower costs for American families while setting the stage for strong, stable, and broadly-shared long-term economic growth,” 126 economists said in a letter sent to congressional leadership Tuesday, which was first obtained by CNN.
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.
“This started to come together late last week with some of the signatories connecting with each other to discuss how they could highlight the economic value of the bill and push back on some of the economic disinformation surrounding it,” a source familiar said of the letter.
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 at a significant scale. And because it is deficit-reducing, it does so while putting downward pressure on inflation,” the economists said.
Schumer said Monday he expects the parliamentarian’s process to be complete and for the Senate to vote on the bill this week ahead of the August recess.
“This week the Senate will take action on a groundbreaking piece of legislation, one that we haven’t seen in decades,” he said on the Senate floor. “Over the coming days, both sides will continue conversations with the parliamentarian in order to move forward the bipartisan ‘Byrd bath’ process. Our timeline has not changed, and I expect to bring this legislation to the Senate floor to begin voting this week.”
“Many key factors are left out in these tables including, importantly, the effects of deficit reduction, the positive effects of the spending on clean energy, and the benefits from lower drug prices,” Clausing wrote.
CNN’s Tami Luhby, Matthew Egan, and Ali Zaslav contributed to this report.