During the 87th Annual Meeting and Business Summit of the West Virginia Chamber of Commerce, the state’s two U.S. Senators, Joe Manchin and Shelley Moore Capito, discussed pressing issues facing Capitol Hill.
Manchin championed the successes of the Inflation Reduction Act, which recently observed its first anniversary. This $737 billion act, negotiated by Manchin alongside the White House and Democratic leaders, has accomplished significant debt reduction.
The act, along with the American Rescue Plan Act, are pivotal elements of what President Joe Biden terms as ‘Bidenomics’. Despite inflation being at its lowest since September 2021, it continues to hover above normal.
Capito, however, raised concerns about the present economy, attributing inflation’s persisting impact to increased costs in various facets of daily life. She also highlighted the need to address high supply-chain costs affecting diverse economic sectors.
During the Senate’s summer recess, Capito conducted an overseas trip to the Pacific, receiving defense briefings about the growing militarization by China and threats to Taiwan. She emphasized the need for increased military readiness funding, specifically for naval forces in the Pacific.
Manchin stressed the importance of gaining independence from China in terms of the nation’s supply chains, particularly for semiconductors. He referred to the CHIPS and Science Act as a solution for encouraging domestic manufacturing of critical technology.
Both Manchin and Capito noted that further efforts are required to reform permitting for pipelines, energy projects, and infrastructure. These topics are included in the Fiscal Responsibility Act of 2023, but both Senators agreed that more action is needed.
Stay updated with the latest breaking news in your inbox.
Read More US Economic News