Moderate Democrats push their party to do more to fight inflation

The New Dems are also urging the administration to continue releasing oil from the Strategic Petroleum Reserve to help bring down prices. So far, the White House has committed to releasing 1 million barrels a day for the next six months.

In addition, the group is emphasizing workforce and immigration: the coalition wants to reform licensing requirements and noncompete agreements, increase the number of high-skilled visas and create a pathway to citizenship for the so-called Dreamers.

“One important piece is not only to address the short-term impacts that we’re seeing right now, but to really put together long-term planning in place to put us on solid footing for years to come,” DelBene said.

One issue the group did not weigh in on is a federal gas tax. Several of its members have supported a temporary pause to provide relief at the pump. But Democratic leadership has been lukewarm on the idea, warning that oil companies may not pass the savings on to consumers. 

The internal debate has created an opening for Republicans to accuse Democrats of blaming others – from Big Oil to Russian President Vladimir Putin – for higher prices.

“The president doesn’t have a serious plan to address inflation, and his so-called solutions will only make things worse,” said Rep. Kevin Brady of Texas, the top Republican on the House Ways and Means committee.  

Some of the New Democrats’ proposals come from legislation they hope to hasten through Congress.

The group has been a strong supporter of the bipartisan innovation bill to address supply chain logjams, invest in next-generation research and development, and, perhaps most critically, provide $52 billion to support the domestic semiconductor industry. Democrats are already negotiating that bill with Republicans.

The group also outlined provisions from Democrats’ now-defunct Build Back Better package that it could support in any new scaled-down version. They include extending subsidies for Affordable Care Act premiums, preserving the enhanced child tax credit, capping the cost of insulin and allowing Medicare to negotiate the cost of some drug prices. 

“Right now fighting inflation and reducing costs are Job One of Congress,” Peters said. “This is an opportunity for us to show leadership and action.”

Article source: https://www.cnbc.com/2022/06/08/moderate-democrats-push-their-party-to-do-more-to-fight-inflation.html