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Biden's sweeping agenda is unlikely to cause high inflation, Moody's Analytics says

July 21, 2021. Summarized by summa-bot.

Compression ratio: 32.5%. 1 min read.

Workers repair a park near the Capitol in Washington, Wednesday, July 21, 2021, as senators struggle to reach a compromise over how to pay for nearly $1 trillion in public works spending, a key part of President Joe Biden's agenda. (AP Photo/J. Scott Applewhite)

The bipartisan infrastructure plan and President Joe Biden's $3.5 trillion proposal to widen the social safety net won't cause runaway inflation if passed by Congress, according to a new report by Moody's Analytics.

New York (CNN Business)The bipartisan infrastructure plan and President Joe Biden's $3. 5 trillion proposal to widen the social safety net won't cause runaway inflation if passed by Congress, according to a new report by Moody's Analytics.

"Worries that the plan will ignite undesirably high inflation and an overheating economy are overdone," Mark Zandi, the chief economist at Moody's Analytics, wrote in the report released Wednesday.

"Much of the additional fiscal support being considered is designed to lift the economy's long-term growth potential and ease inflation pressures," Zandi wrote.

Crucially, Moody's Analytics notes that the Biden plan does not call for enormous deficit spending that could boost inflation.

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