[brid autoplay=”true” video=”804377″ player=”23886″ title=”Guatemalan%20congressman%20to%20Sara%20Carter%20We%20need%20U.S.%20’trade%20not%20aid'” duration=”336″ description=”Enrique Montano reacts to Harris visit, border crisis, in \’Hannity\’ exclusive” uploaddate=”2014-03-17″ thumbnailurl=”//cdn.brid.tv/live/partners/18168/thumb/804377_t_1623725573.png” contentUrl=”//cdn.brid.tv/live/partners/18168/sd/804377.mp4″]
By Jenny Goldsberry
After 19 Republican Senators, including Minority Leader Mitch McConnell (R-KY), voted to pass President Biden’s infrastructure bill Tuesday, inflation is nearing record highs. While this bill contributed it the US dollar’s rise, experts also credit the most recent jobs report.
The Senate passed the bill 69 to 30. They included Republican Sens. Roy Blunt (R-MO), Richard Burr (R-NC) Bill Cassidy (R-LA), Shelley Moore Capito (R-WV), Susan Collins (R-ME), Kevin Cramer (R-ND) Mike Crapo (R-ID), Deb Fischer (R-NE), Lindsey Graham (R-SC), Chuck Grassley (R-IA), John Hoeven (R-ND), Lisa Murkowski (R-AL), Rob Portman (R-OH), Jim Risch (R-ID), Mitt Romney (R-UT), Dan Sullivan (R-AL), Thom Tillis (R-NC) and Roger Wicker (R-MS).
Head of G10 FX research at Credit Agricole Valentin Marinov spoke with Reuters about the result of the bill.
“The stronger than expected non-farm payrolls report on Friday boosted the dollar across the board as it seemingly helped the Fed move closer to QE (quantitative easing) taper and policy normalization,” Marinov told them. “In addition, the U.S. Senate has passed President Biden’s infrastructure package and thus boosted market expectations of growing U.S. Treasury issuance at a time when the Fed is expected to announce their intention to reduce their U.S. Treasury buying.”
As a result, US consumer prices also increased by 5.4%. They were expected to rise, but by 5.3% only. Prices haven’t been this high since August 2008.
Meanwhile, the Japanese yen, Chinese yuan and Korean won are moving in the opposite direction. All have been on the decrease for weeks now.
You can follow Jenny Goldsberry on Twitter @jennyjournalism.
You may like
Biden spends $1.65 trillion taxpayer dollars while vacationing in St. Croix
While vacationing in the island of St. Croix for the holidays, President Joe Biden on Thursday signed into law the massive $1.65 omnibus spending package.
The whopping 4,155 pages was supported by only nine House Republicans and 13 Senate Republicans. Majority of criticism from the GOP includes concerns that the bill was rushed and crammed with wasteful spending by a lame-duck Democratic-dominated Congress. The recourse will punish American families by adding to the national debt and exacerbate inflation.
“Today, I signed the bipartisan omnibus bill, ending a year of historic progress. It’ll invest in medical research, safety, veteran health care, disaster recovery, VAWA funding — and gets crucial assistance to Ukraine,” Biden tweeted. “Looking forward to more in 2023.”
Senate minority leader Mitch McConnell “praised the bill on the grounds that it represents a real decrease in discretionary spending. He presented it as a positive that nondefense spending jumped by only 5.5 percent, from $730 billion to $772.5 billion, amid an inflation rate of 7.1 percent” writes National Review.
“The bipartisan government-funding bill that Senators Shelby and Leahy have finished negotiating does exactly the opposite of what the Biden administration first proposed,” he said. “This bill provides a substantial real-dollar increase to the defense baseline . . . and a substantial real-dollar cut to the non-defense, non-veterans baseline,” McConnell insisted as negotiations were wrapping up.
House minority leader Kevin McCarthy, however, stated his strong disapproval of the bill before it even advanced. Affirming a letter from 13 House Republicans, McCarthy demanded the bill is reckless, irresponsible, and a “purposeful refusal to secure and defend our borders.”
For example, it failed to incorporate protections for Title 42, the pandemic policy that allows illegal immigrants to be expelled on a public-health basis, which currently hangs in the balance at the Supreme Court.
National Review adds, “The funding in the bill, which averted a federal government shutdown before the new year, includes an allocation of $45 billion in defense assistance to Ukraine. Some Republican priorities, such as Electoral Count Act reform and a bigger military budget, were nested in with Democratic appropriations, such as increased funding for Medicaid and food stamps.”
You may like
China4 days ago
Chinese Spy Balloon: Tensions rise between the U.S. and China
Environment14 hours ago
Montana Senator censored, Twitter account suspended, for hunting photo
Podcast6 days ago
Deep State Caught Waging Warfare Against the American People
Israel5 days ago
Democratic Rep. Ilhan Omar kicked off House Foreign Affairs Committee