What other problems could arise for the new climate bill deal? Oh, buddy …
that he couldn’t support a narrow resurrection of a Build Back Better bill that raised taxes and addressed climate change, Sen. Joe Manchin declared to the world on Wednesday afternoon:The announcement was a true shock, as these last-last-Now we’ll see if it can navigate the thorny path it faces to President Joe Biden’s desk.
In addition to the policies Manchin had already agreed to—allowing Medicare to negotiate prescription drug prices and an extension of enhanced Affordable Care Act subsidies—thewould institute a 15 percent minimum tax on large corporations, beef up IRS tax enforcement, and close the carried interest loophole beloved by hedge fund managers. On the spending side, a $369 billion pot will be devoted to “energy security and climate change.
Unlike the Inflation Reduction Act of 2022, this sort of legislation can’t be done under reconciliation rules, so Manchin’s beautiful fossil fuel bill will have to wait until the fall. The timing of the announcement, and the secrecy with which the talks were being kept, is raising some eyebrows about whether Senate Minority Leader Mitch McConnell, well, got played.McConnell had tried to take a hostage earlier in the summer by saying that a long-simmering bipartisan industrial policy bill wouldn’t pass if Democrats went ahead with a sweeping, partisan reconciliation bill.
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