In an unexpected turn Wednesday, Sen. Joe Manchin and Majority Leader Chuck Schumer came to an agreement on legislation that would spend big on energy and climate issues while taxing higher earners and large corporations.
Manchin, a West Virginia Democrat, had been a holdout on the legislation, which would also address health care costs and aim at reducing the federal debt, before he made a sudden turnaround.
In a statement, he said he now supported the legislation called the Inflation Reduction Act of 2022 because “it provides a responsible path forward that is laser-focused on solving our nation’s major economic, energy and climate problems”
The plan would spend $369 billion on energy and climate initiatives and $64 billion to extend expiring federal subsidies for people buying health insurance. That would leave over $300 billion to reduce federal deficits over the decade, Schumer said.
Read more at https://nypost.com/2022/07/27/manchin-says-he-and-schumer-have-deal-on-taxes-environment/
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