Manchin sets $1.5 trillion limit on spending package, dealing blow to Biden agenda

Sen. Joe Manchin dealt a blow to fellow Democrats and President Joe Biden Thursday, announcing he won’t back a massive social welfare spending package that costs more than $1.5 trillion. 

The figure, which Manchin has been floating publicly for weeks, falls far below the $3.5 trillion most House and Senate Democrats say they need at minimum to create a broad array of new government programs and assistance under Biden's Build Back Better Plan. Manchin's announcement is likely to thwart efforts to pass a critical bipartisan infrastructure plan on Thursday that Biden hoped to sign into law along with it.

Manchin, speaking to reporters outside the Senate, said he has other problems with the big spending bill Democrats propose. He will not agree to the plan to pay for the bill by raising corporate taxes to 26.5%. Manchin said 25% is his limit, citing the potential damage to the economy and businesses.