![]() “I thank Senator Manchin for his willingness to engage and his commitment to reaching an agreement that can earn the support of all 50 Senate Democrats.” "By a wide margin, this legislation will be the greatest pro-climate legislation that has ever been passed by Congress," Schumer said in a statement, releasing new summaries of the energy provisions, as well as the tax provisions and drug pricing provisions. There will be more than $300 billion in deficit reduction, the one-page summary added. The bill will also include $369 billion in spending on energy security and climate change and $64 billion in funding for the Affordable Care Act, for a total of $433 billion in spending. "This is the action the American people have been waiting for. This addresses the problems of today - high health care costs and overall inflation - as well as investments in our energy security for the future."Īccording to a one-page summary, the bill will include $739 billion in new revenue through a 15% corporate minimum tax, prescription drug savings and added IRS enforcement, and it will limit the so-called carried interest tax break. "This afternoon, I spoke with Senators Schumer and Manchin and offered my support for the agreement they have reached on a bill to fight inflation and lower costs for American families," Biden said, urging speedy passage of the bill. It would also have to pass the House before it reaches Biden’s desk. But Manchin, who represents a deeply conservative state, has been the biggest holdout to a major bill for months, giving a version of the proposal strong odds of passing the Senate. The legislation, released by Schumer, still needs the support of all 50 Democratic-voting senators to become law, without hope of winning GOP support. The two Democrats said the text of the deal will be submitted to the Senate parliamentarian on Wednesday evening "and the full Senate will consider it next week." Senate to support this important legislation.” Joe Manchin during a Senate Appropriations subcommittee hearing in Washington on April 26. Additionally, we have reached agreement with President Biden and Speaker Pelosi to pass comprehensive permitting reform legislation before the end of this fiscal year. "The bill will finally allow Medicare to negotiate for prescription drugs and lower health care costs for millions of Americans. “The Inflation Reduction Act of 2022 will make a historic down payment on deficit reduction to fight inflation, invest in domestic energy production and manufacturing, and reduce carbon emissions by roughly 40 percent by 2030,” Schumer and Manchin said in a statement.
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