Manchin, Schumer announce surprise 'Inflation Reduction' deal on energy and taxes
West Virginia Democrat had previously scuttled attempts at climate change measuresWASHINGTON — In an unexpected turnabout, Senate Majority Leader Chuck Schumer and Sen. Joe Manchin announced Wednesday they had reached an expansive agreement that had eluded them for months on energy and climate issues, healthcare, taxes on higher earners and corporations, and trimming of the federal debt.and other Democrats, partly on grounds that he said it would fuel rather than fight inflation.
It would spend $369 billion on energy and climate initiatives and $64 billion to extend expiring federal subsidies for people buying healthThe Senate will consider the sweeping package next week, said Schumer, D-N.Y., and Manchin, D-W.Va., who had negotiated for months and had seemed deadlocked over anything but a far smaller measure.
Tellingly, Democrats were calling the measure “The Inflation Reduction Act of 2022.” Polls show that inflation, as embodied by gasoline prices that surpassed $5 per gallon before easing, have been voters’ chief concern. For months, Manchin’s opposition to proposed, larger packages has been premised in part on his worry that it would fuel inflation.
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