The Build Back Better deal a.k.a. The Inflation Reduction Act of 2022 that Chuck Schumer and Joe Manchin reached is better than anyone could have imagined and is a big victory by Democrats for the American people.
Chuck Schumer and Joe Manchin agreed on a Build Back Better package that expands Obamacare, lowers prescription drug prices, reduces carbon emissions by 40%, reduces the deficit by $300 billion, spends on domestic energy production, fights inflation, and is all paid for by raising taxes on the wealthy and corporations.
Read the summary below:
Schumer and Manchin said in a joint statement:
Today, we are pleased to announce an agreement to add the Inflation Reduction Act of 2022 to the FY2022 Budget Reconciliation bill. After many months of negotiations, we have finalized legislative text that will invest approximately $300 billion in Deficit Reduction and $369.75 billion in Energy Security and Climate Change programs over the next ten years. The investments will be fully paid for by closing tax loopholes on wealthy individuals and corporations. In addition, the expanded Affordable Care Act program will be extended for three years, through 2025. The revised legislative text will be submitted to the Parliamentarian for review this evening and the full Senate will consider it next week.
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 percent by 2030. The bill will finally allow Medicare to negotiate for prescription drugs and lower health care costs for millions of Americans.
The Inflation Reduction Act of 2022 Is A Great Deal For America
Progressives got the climate change spending, tax hikes on the rich, and expansion of Obamacare that they wanted. Manchin got more money for domestic energy production, and rid of the Trump tax cuts, which were two of his biggest priorities along with healthcare and prescription drugs.
It took forever for this deal to come together, but these are major pieces of the Biden agenda that will become law.
In the end, Joe Manchin came to the table and Democrats got a smaller package than the original Build Back Better, but something that they will be able to run on this fall in the midterm election.
It is not perfect, but it is good, and the plan will help the American people and the planet while showing that Democrats get things done.
Jason is the managing editor. He is also a White House Press Pool and a Congressional correspondent for PoliticusUSA. Jason has a Bachelor’s Degree in Political Science. His graduate work focused on public policy, with a specialization in social reform movements.
Awards and Professional Memberships
Member of the Society of Professional Journalists and The American Political Science Association