Stocks tumble over rising covid cases and Sen. Manchin effectively killing the Build Back Better bill
to support the plan due to decades-high inflation that's accompanied the government's pandemic-era spending.
Though Manchin has yet to indicate whether he'll support a new proposal with some of the same initiatives, the decision will"certainly shave a little off [economic] growth next year," Erlam says, given that Manchin's vote is crucial for Democrats to pass legislation in the evenly split Senate. Clean energy stocks felt the burn Monday, with the S&P Global Clean Energy Index tumbling more than 3%.as a sweeping $3.5 trillion proposal in July, Democrats' Build Back Better plan has faced tough opposition from Manchin and fellow moderate Sen. Kyrsten Sinema , who've both bemoaned the government's spending amid surging inflation. The White House called Manchin's pivot on Sunday an “inexplicable reversal” and vowed to “find a way to move forward next year.
to a three-month high. A pandemic resurgence could force officials to reconsider yanking central bank stimulus measures, even in the face of rapid inflation."The one thing that's very clear, and there's no doubt about this, is [omicron's] extraordinary capability of spreading," Dr. Anthony Fauci, one of the nation's top infectious disease experts,
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