West Virginia (WOAY)- Senator Joe Manchin has reached an agreement with Senate Majority Leader Chuck Schumer on cutting energy and health care costs, tax reform, and reducing the federal debt. Manchin and Schumer report that the Senate will vote on the legislation next week.
There are specific details about the changes made to the deal that led to the negotiation. Manchin reported the bill is “more modest” than the $3.5 trillion that was initially proposed. Additionally, the bill would help the US lower its carbon emissions by 40% by 2030 by allocating funds to climate policies.
Manchin and Schumer state the bill would pay for itself, raising $739 billion over the decade by raising the corporate minimum tax on large companies to 15%. In addition, the tax increase would strengthen the Internal Revenue Services tax enforcement and allow the government to negotiate prescription drug prices.
If passed, the legislation would be a major success for the Biden administration and the greatest pro-climate legislation passed by Congress. However, President Biden will need the support of all 50 Democratic senators and Vice President Kamala Harris for the tie-breaking vote to pass through to the Senate and House of Representatives.