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.
