Manchin Strikes Deal With Schumer On Energy And Healthcare Bill—Including Remnants Of Build Back Better

Senate Majority Leader Chuck Schumer and Centrist Sen. Joe Manchin have reached a deal on a tax, energy and healthcare bill.

Manchin championed the bill as "laser focused on solving our nation's major economic, energy and climate problems" by spending $369 billion on energy and fighting climate change while also reducing the deficit by more than $300 billion over the next decade.

The bill doesn't "arbitrarily shut off our abundant fossil fuels" according to Manchin.

A set of health insurance subsidies that were due to expire this year would be extended by the bill.

More than $700 billion in new revenue is proposed through a 15% minimum corporate tax on large businesses and other reforms.

Democrats say the bill would cap out-of-pocket drug costs at $2,000 for Americans on Medicare and not raise taxes on families making $400,000 or less annually.

Manchin said in a statement that the US cannot spend its way out of debt or out of inflation.

What To Watch For

The budget reconciliation process will allow the bill to be passed if all 50 Democrats vote "yes". The president encouraged the Senate to move on the bill as soon as possible.

The Build Back Better social spending bill, a package of climate, healthcare and social safety-net programs, was pushed by Biden and top Democrats in Congress. Manchin and Sinema continued to oppose the bill because they believed it would lead to higher inflation. A White House statement called the senator's position an "inexplicable reversal" after he told Fox News he couldn't support the legislation. Manchin said in his statement that theBuild Back Better is dead.

Manchin says he won't support build back better.

Is the bbb still stuck? Manchin said he hadn't talked with the White House.

The Democrats have a budget plan that could affect every single American.

What's in the Democrats' plan? There are free preschools, child tax credit expansion, and new taxes for the wealthy.