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Manchin Strikes Deal With Schumer On Energy And Healthcare Bill—Including Remnants Of Build Back Better

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Centrist Sen. Joe Manchin (D-W.Va.) announced Wednesday he has reached a deal with Senate Majority Leader Chuck Schumer (D-N.Y) on a tax, energy and healthcare bill called the “Inflation Reduction Act of 2022,” which appears to be an extremely scaled-down version of the multi-trillion-dollar Build Back Better bill Democrats proposed last year. Sen. Joe Manchin (D-W.Va.) talks with the media in Washington on July 19, 2022. (Tom … [+] CQ-Roll Call, Inc via Getty Images Key Facts

Manchin championed the bill as “laser focused on solving our nation’s major economic, energy and climate problems,” by spending $369 billion on energy and combating climate change while also reducing the deficit by more than $300 billion.

The bill would also extend until 2025 a set of Affordable Care Act health insurance subsidies that were set to expire this year, according to Manchin and Schumer .

The bill proposes more than $700 billion in new revenue, primarily through a 15% minimum corporate tax on large businesses, reforms to prescription drug pricing and enhanced Internal Revenue Service enforcement measures.

Democrats say the bill would reduce carbon emissions by around 40% by 2030, cap out-of-pocket drug costs at $2,000 for Americans on Medicare and not raise […]

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