Biden’s Green Plan Exposed to the World

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Democrats are taking concrete moves toward a partial compromise on their party’s major spending plan.

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The Sweeping Changes

Sen. Joe Manchin and Majority Leader Chuck Schumer are now in talks on a possible package that would address the environment, taxes, and prescription pharmaceuticals.

According to a person involved with the discussions, Schumer recently informed Senate Democrats that if he and Manchin come to an agreement, the measure could be on the floor as early as this month.

Democrats are indicating they will start making their case to the Senate rules chief as early as next week.

They will explain why the package should pass with a simple majority in the chamber, even though negotiations are still working out important specifics.

Nobody is placing too much optimism in a party that is still suffering from Manchin’s denial of the Democrats’ earlier version of the bill, Build Back Better.

Democrats who were questioned for this article ranged from being almost convinced that a deal will be reached to being concerned that nothing will ever happen.

 

The simplest part of the Democrats’ jigsaw was completed this week with the completion of the prescription drug cost reform agreement from the previous year.

This reduces costs, while also generating at least $250 billion in more revenue.

Democrats sent that draft to the Senate parliamentarian for examination in an effort to make sure it complies with the stringent reconciliation bill rules.

They also want to propose a new component of the agreement to prolong the solvency of Medicare very shortly. All 50 Senate Democrats are anticipated to support each of those measures.

Where is the Money Coming From?

Manchin is going to look at energy expenditure of about $300 billion.

Ultimately new incentives for electric cars could be slashed, as per a second person familiar with the bargaining. However, it is proving more difficult to reduce the $555 billion energy bundle from the disused Build Back Better bill.

Democrats should outline tax hikes and penalties that will pay for the package and lower the budget in order to meet Manchin’s goals of preventing health insurance costs from soaring this autumn.


Manchin and Schumer are drafting some very specific measures.

These measures in the works would generate $1 trillion in new taxes, with half of that amount going toward reducing the deficit and the other half going toward health and energy expenditures.

At the present, such an agreement is just speculative because the tax and energy components are still in great upheaval.

Senator Manchin has frequently voiced his worries about the situation of American energy supplies, increasing prices, and an impending recession.

Sam Runyon, Manchin’s spokesperson, said the senator “keeps working in good faith to see if there is a route forward.”