US bank Goldman Sachs has again worsened its growth forecast for the US economy in the wake of Democratic Senator Joe Manchin’s statement that he would not support US President Joe Biden’s proposed $2 trillion spending plan.

“The Build Back Better initiative was already in the balance, and in light of Manchin’s comments, we are adjusting our forecast to abandon the assumption that it will become law,” the bank’s analysts wrote.

They worsened their forecast for U.S. GDP growth in the first quarter to 2 percent from a previously expected 3 percent.

The forecast for the second quarter was cut to 3% from 3.5% previously, and for the third quarter to 2.75% from 3%.

Manchin said on the “Fox News Sunday” program that he could not “vote on the developments with this bill” after five and a half months of negotiations within his party. His vote is critical for Democrats to secure a majority. The bill calls for massive government investments in social safety net programs and climate change measures. The package is supposed to be funded through tax increases. Since Republicans unanimously oppose the initiative, Democrats need to fulfill two conditions for its passage. First, they need the support of all 50 senators from their party. In addition, Democrats must fulfill the conditions of the so-called budget “reconciliation” procedure, which allows legislation to be passed by a simple majority vote. Senate Majority Leader Chuck Schumer, a Democrat, has repeatedly said the goal is to get approval from the upper chamber of Congress by Catholic Christmas.

“While passage of the bill in its current form looks unlikely, there is still a good chance that Congress will pass a much smaller fiscal policy measure,” Goldman experts wrote.

The bank’s economists earlier this year already worsened growth forecasts for the U.S. economy for 2021 and 2022 in October due to concerns about a slow recovery in consumer spending.