Manchin gives in to Schumer, agrees to reduced plan for climate change, new taxes

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After months of negotiations, Senator Joe Manchin reached an agreement with Senator Majority Leader Chuck Schumer on Wednesday and announced that he reversed his opposition to a filibuster-proof bill and will support a package aimed at tackling climate change, drug prices, healthcare, and taxes on the wealthy,

According to NBC News, the announcement came in a joint statement on Wednesday from Machin and Schumer, with the bill now on a more likely path towards receiving 50 votes in the Senate.

The Inflation Reduction Act of 2022 will make a historic down payment on deficit reduction to fight inflation, invest in domestic energy production and manufacturing, and reduce carbon emissions by roughly 40 percent by 2030,” Schumer and Manchin said in a statement. “The bill will finally allow Medicare to negotiate for prescription drugs and lower health care costs for millions of Americans. Additionally, we have reached agreement with President Biden and Speaker Pelosi to pass comprehensive permitting reform legislation before the end of this fiscal year. We urge every member of the US Senate to support this important legislation.”

The bill will be sent to the Senate Parliamentarian on Wednesday evening “and the full Senate will consider it next week,” according to NBC News.

The Inflation Reduction Act of 2022 includes $369 billion in spending on energy security and climate change and $64 billion in funding for the Affordable Care Act. It will also include $739 billion in new revenues through a 15 percent corporate minimum tax, prescription drug savings, and added IRS enforcement. There will be more than $300 billion in deficit reduction, according to a one-page summary of the bill.

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