Sen. Joe Manchin (D-W.Va.) said Wednesday he’s reached a deal with Senate Majority Leader Chuck Schumer (D-N.Y.) on a sweeping package to increase taxes on the wealthy and invest in climate and health care while also reducing the deficit.
“Rather than risking more inflation with trillions in new spending, this bill will cut the inflation taxes Americans are paying, lower the cost of health insurance and prescription drugs, and ensure our country invests in the energy security and climate change solutions we need to remain a global superpower through innovation rather than elimination,” Manchin said in the statement.
A deal on the legislation, dubbed the “Inflation Reduction Act,” represents a massive turn-around for Democrats, who feared much of their domestic policy dead because of Manchin’s opposition.
