US President Biden: Spoke with Senators Schumer, Manchin to express my support for Inflation Control Act

“I strongly urge the Senate to act on this bill as soon as possible, and the house to do the same,” Said US President Joe Biden in support of the latest move by US Senate Majority Leader Chuck Schumer and Senator Joe Manchin.

US President Biden announced his support to the recent deal between the key US Senators during early Thursday in Asia.

“Senate Majority Leader Chuck Schumer, D-N.Y., and Sen. Joe Manchin, D-W.V., on Wednesday announced that they have struck a long-awaited deal on legislation that aims to reform the tax code, fight climate change and cut health-care costs,” said CNBC news. "The reconciliation bill would invest more than $400 billion over 10 years, to be fully paid for by closing tax loopholes on the richest Americans and corporations, the senators said in a joint statement. It would reduce deficits by $300 billion over that decade, the senators said, citing estimates from nonpartisan congressional tax and budget offices," adds the news.

Market reaction

The news failed to impress buyers as fears of the US recession remains on the table and tames the Fed-inspired optimism. While portraying the same, the S&P 500 Futures drop 0.15% intraday by the press time.