Economy

Goldman cuts GDP forecast after Sen. Manchin says he won’t support Biden’s ‘Build Back Better’ plan

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U.S. Senator Joe Manchin (D-WV) delivers remarks to reporters at the U.S. Capitol in Washington, D.C., November 1, 2021.

Jonathan Ernst | Reuters

The apparent failure of President Joe Biden’s “Build Back Better” plan means that economic growth could be weaker than expected next year, according to Goldman Sachs.

The plan hit a significant road block on Sunday when West Virginia Sen. Joe Manchin said he would not support the legislation, meaning that the bill does not have enough votes to pass the Senate.

Goldman Sachs Chief Economist Jan Hatzius said in a note to clients on Sunday that the failure of the bill — which includes significant spending on climate infrastructure and social…



Source cnbc.com

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