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Schumer, Manchin Reach Surprise Agreement on US$369-Billion Tax, Energy, and Climate Plan
On Wednesday, Senators Chuck Schumer and Joe Manchin announced a surprise agreement on a US$369-billion tax, energy, and climate plan. The deal marks a significant development in the long-stalled negotiations between Democrats and Republicans.
Background
The talks have been ongoing for months, with both sides struggling to reach a consensus on key issues such as tax hikes, energy production, and climate change mitigation. Earlier this month, Manchin appeared to rule out immediate action on these issues, citing concerns about inflation and economic growth.
Deal Details
Under the agreement, the plan will include:
- A US$369-billion investment in tax credits for renewable energy
- Tax hikes on corporations and high-income individuals
- Increased funding for climate change research and development
- Extension of Affordable Care Act subsidies
Reaction from Both Sides
While some Democrats had given up hope of a deal, others expressed relief at the breakthrough. Senate Majority Leader Schumer hailed the agreement as a "great budget deal."
Republicans, on the other hand, were critical of the plan, with Senate Minority Leader Mitch McConnell calling it "a crushing blow to American families" due to its potential impact on inflation and job growth.
Next Steps
The plan is expected to be voted on by Congress in August, before lawmakers leave for a month-long recess. With the midterm elections looming, Democrats face a challenge in passing the plan through the narrowly controlled Congress.
Key Quotes
- Lawrence Summers: "This will mean progress on inflation, economic growth, tax fairness, inequality, and climate change."
- Mitch McConnell: "Democrats have already crushed American families with historic inflation… Now they want to pile on giant tax hikes that will hammer workers and kill many thousands of American jobs."
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