Democrats are spenders, this much we’ve known for some time. They just love their social programs and taxpayer-funded safety nets. In fact, it’s one of the most notable differences between the left and the right these days, as the fiscally conservative GOP continues to try and tighten the purse strings of our economically fragile nation.
But now, after a year-plus of taking a responsible view of one of Biden’s costliest policy initiatives, a couple of key Democrats have seemingly been persuaded.
Sen. Joe Manchin announced Wednesday that he came to an agreement with Senate Majority Leader Chuck Schumer on a reconciliation bill, after more than a year of negotiations among Democrats.Advertisement - story continues below
Manchin, D-W.Va., frustrated Democrats for months, consistently refusing to support party-line legislation that at one point Democrats wanted to cost over $3 trillion. Democrats termed that legislation “Build Back Better,” and Manchin shut down negotiations on it late last year.
But with Democrats grasping for a legislative win ahead of the midterms, Schumer, D-N.Y., kept up talks directly with Manchin through the spring and summer. In a lengthy statement, the moderate senator said Wednesday those talks resulted in a deal for a slimmed-down bill that includes tax, climate and prescription drug provisions.
The bill had a wide scope.
Manchin said in his statement that the bill will have a minimum 15% tax on companies worth more than $1 billion and invests in several forms of energy, including fossil fuel, nuclear and renewables. This is on top of agreements Democrats previously came to on prescription drugs and extending subsidies included in the Affordable Care Act (ACA).
The move marks a rather sizeable shift for the Democrats, and just ahead of the midterm elections in which they are expected to lose their majority in the House and Senate.