Schumer and Manchin today announced an unexpected deal on a bill that includes energy, health and tax policy, adding some wind behind the sails of the Democratic party as we head into the November midterm elections.
The bill, named The Inflation Reduction Act of 2022, will “fight inflation, invest in domestic energy production and manufacturing, and reduce carbon emissions by roughly 40 percent by 2030,” Manchin and Schumer said in a statement. The Democrats said the legislation, which they project would reduce the deficit by $300 billion, would be brought to the Senate floor next week.
President Biden released this statement -
From www.politicususa.com/… about how Democrats may have outsmarted McConnell -
Mitch McConnell had threatened to block the vital bill to increase semiconductor production if Democrats moved forward with reconciliation, so Democrats waited until the CHIPS bill passed and then announced the Schumer/Manchin deal.
What’s in the deal? Not everything we want, but you never get all your wishes, there are always compromises.
From Speaker Pelosi at www.speaker.gov/… -
The Inflation Reduction Act of 2022 reduces the cost of health care for millions, allows Medicare to negotiate the price of prescription drugs, reduces carbon pollution by roughly 40 percent by 2030, lowers energy costs and advances energy security.
This agreement would reduce the deficit and help fight inflation by allocating an historic $300 billion for deficit reduction. It is also fully paid for by implementing a 15 percent corporate minimum tax and strengthening IRS enforcement.
This agreement also honors @POTUS' pledge: no new taxes on families making less than $400,000 & no new taxes on small businesses. We will continue to fight for priorities not contained in this legislation — because more must be done for America’s working families & the planet.
From Leader Schumer at www.democrats.senate.gov/...—
A few additional items from the bill at — www.democrats.senate.gov/…
- Deficit Reduction
- NO TAX INCREASES ON CERTAIN TAX PAYERS. Nothing in this subsection is intended to increase taxes on any taxpayer with a taxable income below $400,000.
- Prescription Drug Pricing Reform
- LOWERING PRICES THROUGH DRUG PRICE NEGOTIATION
- PRESCRIPTION DRUG INFLATION rebates
- IMPROVEMENTS AND MAXIMUM OUT-OF-POCKET CAP FOR MEDICARE BENEFICIARIES
- SELECTED DRUG SUBSIDY PROGRAM
- MAXIMUM MONTHLY CAP ON COST-SHARING PAYMENTS UNDER PRESCRIPTION DRUG PLANS AND MA–PD PLANS.
- Affordable Care Act Subsidies
- Energy Security
- EXTENSION AND MODIFICATION OF CREDIT FOR ELECTRICITY PRODUCED FROM CERTAIN RENEWABLE RESOURCES
- INCREASE IN ENERGY CREDIT FOR SOLAR AND WIND FACILITIES PLACED IN SERVICE IN CONNECTION WITH LOW-INCOME COMMUNITIES.
- EXTENSION AND MODIFICATION OF CREDIT FOR CARBON OXIDE SEQUESTRATION.
- ZERO-EMISSION NUCLEAR POWER PRODUCTION CREDIT.
- EXTENSION OF INCENTIVES FOR BIODIESEL, RENEWABLE DIESEL AND ALTERNATIVE FUELS.
- SUSTAINABLE AVIATION FUEL CREDIT
- CREDIT FOR PRODUCTION OF CLEAN HYDROGEN.
- ENERGY EFFICIENT HOME IMPROVEMENT CREDIT.
- ENERGY EFFICIENT COMMERCIAL BUILDINGS DEDUCTION.
- CLEAN VEHICLE CREDIT
- INVESTMENT IN CLEAN ENERGY MANUFACTURING AND ENERGY SECURITY
- EXTENSION OF THE ADVANCED ENERGY PROJECT CREDIT
- ADVANCED MANUFACTURING PRODUCTION CREDIT
- INCENTIVES FOR CLEAN ELECTRICITY AND CLEAN TRANSPORTATION
- RURAL ENERGY FOR AMERICA PROGRAM
- INVESTING IN COASTAL COMMUNITIES AND CLIMATE RESILIENCE.
- OCEANIC AND ATMOSPHERIC RESEARCH AND FORECASTING FOR WEATHER AND CLIMATE
- ASSISTANCE FOR LATEST AND ZERO BUILDING ENERGY CODE ADOPTION.
- NATIONAL PARKS AND PUBLIC LANDS CONSERVATION AND ECOSYSTEM RESTORATION
- UNITED STATES POSTAL SERVICE CLEAN FLEETS
- TRIBAL CLIMATE RESILIENCE
- There is lot more on the environment and clean energy ...
Here is Manchin with his usual posturing and taking credit for these ideas (so be it). Perhaps, it appeals to the conservative base that this bill addresses their needs and concerns too?
There is still the issue of passing this bill with a simple majority vote -
This bill is a BFD on the Climate crisis front -
Did this breakthrough happen today? Or was this in the works by team Biden, Schumer and Pelosi, with secret cooperation from Manchin? What did Democrats give up or give to Manchin to get his aye? I guess we will find out in the coming days.
For now, let’s do our part; let’s get behind this bill and give it our full-throated support; we know the MAGA Republican party will fight this tooth and nail with their usual tactics of lies, deceptions, gaslighting and fear-mongering. Let’s fight the party of darkness, let’s stay united, let’s be the wind behind the sails of Democracy.