Joe Manchin has Reportedly Agreed to a BBB Reconciliation Package
The package includes climate change spending, health care, and new taxes...
A statement from Joe Manchin’s office has been released stating that he has come to an agreement with Chuck Schumer on a reconciliation bill that has many of the provisions outlined in President Biden’s BBB agenda. The agreement with the legislative title of the Inflation Reduction Act of 2022 includes things such as:
A minimum tax on foreign earnings and increased IRS funding of 15%
$400 Billion in climate change/energy spending
An increased IRS funding
Medicare can negotiate drug prices and cap out-of-pocket expenses to $2,000
A three-year extension to ACA subsidies
There is no special surtax on high-income people which has been a Democratic desire for some time.
This agreement seems a little better than what was discussed previously. It seems like it would appeal more to the fiscal responsibility types too. There are more increased taxes to go with the spending which can be good and the spending left in the agreement is much more focused.
Chuck Schumer and Joe Manchin may have had a sit-down and tried to compromise on a plan which is how we can find out what we can edit about legislation to keep the intention of the original while making changes every lawmaker can at least tolerate. Neither party seems to be interested in bipartisan compromises right now. Republicans seem to be worse, but not for a single second should anybody pretend that Democrats are not being a bit obstructionist themselves.