Small business groups rip Manchin, Schumer deal: 'Misery for many more Americans'

The Inflation Reduction Act will 'hurt local economies and workers,' Small Business and Entrepreneurship Council President Karen Kerrigan tells FOX Business

Thomas Catenacci / FOXBusiness

 

Groups representing small business interests slammed a deal announced Wednesday by Sen. Joe Manchin, D-W.Va., saying it would increase inflation and hurt employment. 

The groups argued that the agreement, titled the Inflation Reduction Act, will increase pressure on small businesses that have already struggled to stay afloat amid record-high prices and slowing economic growth. 

The legislation was unveiled after weeks of negotiations between Manchin and Senate Majority Leader Chuck Schumer, D-N.Y., who said it would guarantee corporations and the wealthy "pay their fair share." 

"We all know that taxes roll downhill," Alfredo Ortiz, president of the Job Creators Network, told FOX Business in an interview. "So, it's either going to be an increase in cost and, ultimately, in prices to the consumer, which is inflationary, or it's going to be a job killer. At the end of the day, you have a few levers to pull." Read more and see videos here.