July 28, 2022 2:40pm EDT
What's in the Manchin-Schumer tax hike and climate change bill?
Manchin and Schumer announced a reconciliation deal Wednesday, after more than a year of talks
Jason Donner
By Jason Donner , Tyler Olson | Fox News
After more than a year of "Build Back Better" talks, Senate Majority Leader Chuck Schumer and Sen. Joe Manchin Wednesday announced an agreement on a highly scaled-back reconciliation package.
With $433 billion in spending, the package spends less than one-sixth of the approximately $3 trillion behemoth bill Democrats were discussing this time last year. It includes vastly fewer provisions but, according to Democrats, it will raise $739 billion in tax revenue.
"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% by 2030," Schumer, D-N.Y., and Manchin, D-W.Va., said in a joint statement Wednesday, using the bill's new official name.
"The bill will finally allow Medicare to negotiate for prescription drugs and lower health care costs for millions of Americans," they added.
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https://www.foxnews.com/politics/whats-in-the-manchin-schumer-tax-hike-climate-change-bill
