Democrat Senators Joe Manchin (D-WV) and Chuck Schumer (D-NY) have a deal.
Long holdout Joe Manchin announced he has reached a reconciliation deal with Senate Majority Leader Chuck Schumer that could pave the way for a pared-down version of the Build Back Better bill.
Manchin previously said Build Back was dead —and he’s still saying it, despite supporting the slimmed-down package.
“For too long, the reconciliation debate in Washington has been defined by how it can help advance Democrats’ political agenda called Build Back Better,” Manchin said. “Build Back Better is dead, and instead we have the opportunity to make our country stronger by bringing Americans together.”
“I now propose and will vote for the Inflation Reduction Act of 2022. Rather than risking more inflation with trillions in new spending, this bill will cut the inflation taxes Americans are paying, lower the cost of health insurance and prescription drugs, and ensure our country invests in the energy security and climate change solutions,” Manchin said.
“President Biden, Leader Schumer and Speaker Pelosi have committed to advancing a suite of commonsense permitting reforms this fall,” he also said.
From Fox News:
Democrats are using a process called budget reconciliation to advance the legislation, which allows them to get around the Senate filibuster with just 50 votes. As long as all Democrats avoid catching COVID-19 and are present and able to vote for the bill, they likely have the votes to get the legislation across the finish line.
…
Manchin said in his statement that the bill will have a minimum 15% tax on companies worth more than $1 billion and invests in several forms of energy, including fossil fuel, nuclear and renewables. This is on top of agreements Democrats previously came to on prescription drugs and extending subsidies included in the Affordable Care Act (ACA).
Senator Manchin shared news of the agreement on Twitter:
I've worked diligently to get input from all sides on the legislation my Democratic colleagues have proposed & listened to the views of my Republican friends to find a path forward that removes inflationary policies so Congress can respond to Americans suffering from high prices.
— Senator Joe Manchin (@Sen_JoeManchin) July 27, 2022
Continue reading over at Fox News:
BREAKING: Manchin and Schumer agree to Build Back Better deal after more than a year of talks https://t.co/1oT7dbkS9l
— Fox News (@FoxNews) July 27, 2022
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