He told a radio host in his home state of West Virginia that he wanted to wait, that inflation was too high and the economy too shaky. In September he’d reassess.
Coons also sought help from the outside. According to an aide, Coons last weekend ran into former Treasury Secretary Lawrence Summers at the Aspen Security forum in Colorado. “I think he’s wrong about that,” Summers said. “I think the theory that all tax increases are inflationary is not a plausible or reasonable economic theory. To suggest that it is inflationary is, I think, just wrong in the same way that it was just wrong to suggest that in the short run investing in infrastructure would somehow be inflationary.”
“Democrats have already crushed American families with historic inflation,” Senate Minority Leader Mitch McConnell tweeted after the deal came out. “Now they want to pile on giant tax hikes that will hammer workers and kill many thousands of American jobs. First they killed your family’s budget. Now they want to kill your job too.”
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