Manchin, Schumer Strike Deal on $739B Spending Package

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.