Schumer making last-ditch bid to pass reconciliation bill this summer

Senate Majority Leader Charles Schumer (D-N.Y.) is making a last-ditch effort to pass a budget reconciliation bill during the July and early August work period.   

Schumer and centrist Sen. Joe Manchin (D-W.Va.) have made progress on proposals to lower the cost of prescription drugs, extend Medicare’s solvency and raise taxes on some high-income earners.  

Manchin and Schumer have worked out a proposal to impose a 3.8 percent tax on individuals earning more than $400,000 and couples earning more than $500,000 from pass-through businesses and will give the legislative language to the Senate parliamentarian to review. 

The $203 billion raised would extend the solvency of Medicare’s hospital fund from 2028 to 2031.  

But several major issues remain unresolved.

Sam Runyon, a spokesperson for Manchin, said her boss is glad that Democrats have agreed on a prescription drug proposal that they could pass with a simple-majority vote under special budget rules.  

“Sen. Manchin has long advocated for proposals that would lower prescription drug costs for seniors and his support for this proposal has never been in question. He’s glad that all 50 Democrats agree,” she said.