Schumer, Manchin announce deal on reconciliation bill with tax, climate, energy provisions

Sen. Joe Manchin (D-WV) talks to reporters as he leaves the the Senate Democrats weekly policy luncheon at the U.S. Capitol on July 20, 2021 in Washington, DC.

Senate Majority Leader Chuck Schumer, D-N.Y., and Sen. Joe Manchin, D-W.V., on Wednesday announced that they have struck a long-awaited deal on legislation that aims to reform the tax code.

The bill would invest more than $600 billion over 10 years to be fully paid for by closing tax loopholes on the richest Americans and corporations.

The reconciliation package was revealed hours after the Senate passed a bipartisan bill to boost U.S. competitiveness with China.

McConnell had warned Republicans not to back the China competition bill if Democrats continued to push reconciliation legislation.

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