As the most unlikely Democratic hero, Larry Summers

As the most unlikely Democratic hero, Larry Summers

One man was frequently on the other end of the phone and email chains as the White House sought assistance in developing significant revenue-raising provisions of the health care, climate, and tax bill: Larry Summers.

Democratic legislators also looked to Summers when they needed one last push to persuade Sen. Joe Manchin that the Inflation Reduction Act would in fact decrease inflation. And the first person that comes to mind when administration officials are concerned about how TV pundits will perceive their economic initiatives is typically the former Treasury secretary.

Summers has been one of President Joe Biden’s most vocal opponents nearly from the start, which has garnered him acclaim from Republicans and condemnation from progressives. Summers’ discreet but significant engagement in White House economic planning is unusual. Democrats, however, can no longer ignore him as seen by their urgency to secure his support for Biden’s most significant piece of legislation.

When Larry was away in Brazil attending a conference, I recalled telling him, “You’ve got to call Joe Manchin and you’ve got to do it right away and convince him this is all good, that this will work.” Sen. Mark Warner, a Democrat from Virginia, reflected on the hectic days leading up to the legislative vote in an interview. And he made the call, as well.

#taxnews #taxfinance #revenuetax #inflationtax

Read more Latest Business News , Today Politics Headline , Today Finace News Update ,Latest Social News Update , World News Highlight , Entertainment Latest News , Today Sports News Update , Education Latest Update , Real Estate Today Update