Manchin, Schumer Strike Deal on $739B Spending Package
AllSides Summary
Sen. Joe Manchin (D-WV) and Senate Majority Leader Chuck Schumer (D-NY) struck a deal on a $739 billion budget reconciliation package.
Some details are unclear, but the "Inflation Reduction Act of 2022" would include roughly $370 billion in energy and climate change programs over the next 10 years, and would aim to raise $739 billion in revenue through IRS tax enforcement by establishing a corporate minimum tax. $300 billion would also be invested to reduce the national debt.
The deal comes two weeks after Manchin reportedly balked in discussions with Schumer, fueling Senate Democrats' fears that they wouldn't be able to pass the key piece of Biden's agenda before the August recess. It also represents a breakthrough after more than a year of negotiations that collapsed time and again. The package is certain to face GOP opposition when the Senate considers the bill next week. Sen. Marsha Blackburn (R-Tenn.) called the bill "Build Back Broke" in a tweet, and Senate Minority Leader Mitch McConnell (R-Ky.) said it would "kill thousands of American jobs" and contains "giant tax hikes."
The deal was covered prominently across the political spectrum Thursday.
Featured Coverage of this Story
From the Right
Lawmakers react after Manchin, Schumer agree to reconciliation deal: 'Build Back Broke'
Republicans are not pleased with the prospect of a revived version of Build Back Better after Sen. Joe Manchin, D-W.Va. and Senate Majority Leader Chuck Schumer announced they came to an agreement on a reconciliation package.
While some details of the reconciliation package are unclear, Manchin said in a statement that the bill will contain a minimum 15% tax on companies worth more than $1 billion and will also have investments in energy, which include nuclear, renewables and fossil fuels.
Manchin said the bill will be titled the "Inflation Reduction Act of 2022."...
From the Left
In a major boost to Democrats, Manchin and Schumer announce deal for energy and health care bill
Senate Majority Leader Chuck Schumer and Sen. Joe Manchin on Wednesday announced a deal on an energy and health care bill, representing a breakthrough after more than a year of negotiations that have collapsed time and again.
But it will face furious GOP opposition.
The deal is a major reversal for Manchin, and the health and climate bill stands a serious chance of becoming law as soon as August -- assuming Democrats can pass the bill in the House and that it passes muster with the Senate parliamentarian to allow it to be approved...
From the Center
Solar stocks jump as Schumer, Manchin announce climate spending deal
Solar stocks jumped on Thursday after Senate Majority Leader Chuck Schumer, D-N.Y., and Sen. Joe Manchin, D-W.V., said they’ve reached a deal on what would be the most ambitious climate spending package in U.S. history.
The “Inflation Reduction Act of 2022” includes $369 billion for clean energy provisions
“The entire clean energy industry just breathed an enormous sigh of relief,” American Clean Power CEO Heather Zichal said Wednesday evening.
“This is an 11th hour reprieve for climate action and clean energy jobs, and America’s biggest legislative moment for climate and energy policy,” she added.
The Invesco...
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