12/21/2021

Goldman Sachs Cuts U.S. Economic Forecast after Manchin Rejects Build Back Better

Failing to pass BBB has negative growth implications, the group said

Senator Joe Manchin's opposition to the Build Back Better Act prompted Goldman Sachs to swiftly dim its US economic outlook.

The Wall Street firm told clients Sunday it no longer assumes President Joe Biden's signature legislation will get through the narrowly divided Congress, citing the West Virginia Democrat's announcement that he's a "no" on the $1.75 trillion bill.

"A failure to pass BBB has negative growth implications," Goldman Sachs economists, led by Jan Hatzius, said in the research report.

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