Manchin and Schumer reached a deal on the inflation reduction act.
The deal will help the economy and fight climate change, according to a summary of the deal. The bill's full text was no longer available.
Manchin helped derail President Joe Biden's efforts to establish an expansive build back better plan aimed at climate, economic, and health care progress A skinnier version of Biden's plan was struck by Manchin and Schumer.
The reconciliation debate in Washington has been defined by how it can help advance Democrats' political agenda called build back better. "Build Back Better is dead and we have the chance to make our country stronger by bringing Americans together," the West Virginia Democrat said.
Senior Democrats plan to pay for a deal with a 15% corporate minimum tax, IRS tax enforcement, and closing a loophole that benefits wealthy investors.
I will do everything I can to bring about a new era of compromise and commonsense that will make America more energy secure, financially sound, and a more united country for this generation and the next," he said.
Manchin had previously said he wouldn't support spending on climate change.
Climate change and energy security will be allocated $369 billion by the year 2030. The goal of the bill is to establish cleaner energy production.
The extension of theAffordable Care Act will cost an estimated $65 billion.
The renewal is intended to bring down the cost of insurance for millions of Americans who purchase coverage in either state or marketplace exchanges. Democrats are racing to prevent the program from ending at the end of the year since voters would get notices of their premiums only weeks before the elections.
The price of some prescription drugs will be allowed to be negotiated by Medicare. Out-of-pocket costs for seniors are capped at $2,000 a year.
It doesn't include the Democrats' priority of capping the cost ofinsulin to $35 a month. It's part of a bill by both Democrats and Republicans.
The text of the bill was released.
A one-page summary was also included.
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