Manchin, Schumer report abrupt deal on health care costs, energy, taxes and climate issues

So what we're doing today is we introduced *** bill has been dropped. We have I think there's 18 of us nineties and nine hours that are on this piece of legislation that basically bans the Russian energy imports act. That's all it is. We're banning Russian imports act. What we're banning is basically petroleum, petroleum products, crude oil, L. N. G. Cole mostly all fossils coming in the United States and whatever they should be. I'm concerned now about what this could escalate into if we don't do what we're doing now and stop. And hopefully he will, he will understand the economics of this to his country and the detriment to his own country. This measure is in direct response to what Russia is doing with the with the bombing of the schools and the hospitals and the apartment buildings, forcing the Ukrainians to flee their country, killing the innocence that remain and and using some of the worst weapons in the world and indiscriminately to do it. So these are not just of of war, their war crimes. And there should not be *** single additional american dollar allowed to finance these atrocities. By banning the import of Russian oil here in the United States, we have the opportunity to work with our allies to stabilize the energy market across the world, safeguard our nation's energy security and boost our own energy independence. It's time to ban all imports of Russian oil And the US and our allies have already announced the release of 60 million barrels of oil from the spro obviously we've got to do more now is the time to act together. And what I hope will happen over time is that the world will follow our lead here. If you hit him in the energy, the oil gas sector of his economy, he will fail. Never in the history of warfare has *** bad guy been so exposed as Putin is today. The revenue from oil and gas keeps them afloat. If we can isolate the oil and gas sector, produce more here at home, that will do more to end this war than any single thing I can think of.

Related video above: Sen. Joe Manchin leads bicameral legislation against RussiaIn an unexpected turnabout, Senate Majority Leader Chuck Schumer and Sen. Joe Manchin announced Wednesday they had reached an expansive agreement that had eluded them for months on health care, energy and climate issues, taxes on higher earners and corporations and trimming of the federal debt.For months, Manchin's opposition had blocked a larger agreement sought by President Joe Biden and other Democrats, partly on grounds that he said it would fuel rather than fight inflation.In an abrupt announcement, he and fellow Democrat Schumer said the measure would raise $739 billion over 10 years in revenue, the biggest chunk coming from a 15% corporate minimum tax.It would spend $369 billion on energy and climate initiatives and $64 billion to extend expiring federal subsidies for people buying health insurance. That would leave over $300 billion to reduce federal deficits over the decade. The Senate will consider the sweeping package next week, said Schumer, D-N.Y., and Manchin, D-W.Va., who had negotiated for months and had seemed deadlocked over anything but a far smaller measure.The announcement suddenly presented President Joe Biden and Democrats with the prospect of pushing a major achievement through Congress in the runup to November congressional elections in which Republicans have seemed strongly positioned to capture House control and possibly a majority of the Senate as well.Tellingly, Democrats were calling the measure "The Inflation Reduction Act of 2022." Polls show that inflation, as embodied by gasoline prices that surpassed $5 per gallon before easing, have been voters' chief concern. For months, Manchin's opposition to proposed, larger packages has been premised in part on his worry that it would fuel inflation. Manchin's resistance had long derailed broad legislation on the proposal's issues.Manchin, one of the most conservative Democrats in Congress, just last week said he would only agree to far more limited legislation curbing prescription drug costs and extending federal subsidies for health care costs.He said he was open to considering a broader compromise on environment and tax issues after Congress returned from a summer recess in September, an offer that many Democrats thought dubious. There was no immediate explanation why Manchin had suddenly agreed to the far broader package. In December, his resistance derailed a wide-ranging $3.5 trillion, 10-year social and environment bill that was Biden's top domestic priority.In his statement, Manchin said the new measure "would dedicate hundreds of billions of dollars to deficit reduction by adopting a tax policy that protects small businesses and working-class Americans while ensuring that large corporations and the ultra-wealthy pay their fair share in taxes."

Related video above: Sen. Joe Manchin leads bicameral legislation against Russia

In an unexpected turnabout, Senate Majority Leader Chuck Schumer and Sen. Joe Manchin announced Wednesday they had reached an expansive agreement that had eluded them for months on health care, energy and climate issues, taxes on higher earners and corporations and trimming of the federal debt.

For months, Manchin's opposition had blocked a larger agreement sought by President Joe Biden and other Democrats, partly on grounds that he said it would fuel rather than fight inflation.

In an abrupt announcement, he and fellow Democrat Schumer said the measure would raise $739 billion over 10 years in revenue, the biggest chunk coming from a 15% corporate minimum tax.

It would spend $369 billion on energy and climate initiatives and $64 billion to extend expiring federal subsidies for people buying health insurance. That would leave over $300 billion to reduce federal deficits over the decade.

The Senate will consider the sweeping package next week, said Schumer, D-N.Y., and Manchin, D-W.Va., who had negotiated for months and had seemed deadlocked over anything but a far smaller measure.

The announcement suddenly presented President Joe Biden and Democrats with the prospect of pushing a major achievement through Congress in the runup to November congressional elections in which Republicans have seemed strongly positioned to capture House control and possibly a majority of the Senate as well.

Tellingly, Democrats were calling the measure "The Inflation Reduction Act of 2022." Polls show that inflation, as embodied by gasoline prices that surpassed $5 per gallon before easing, have been voters' chief concern. For months, Manchin's opposition to proposed, larger packages has been premised in part on his worry that it would fuel inflation.

Manchin's resistance had long derailed broad legislation on the proposal's issues.

Manchin, one of the most conservative Democrats in Congress, just last week said he would only agree to far more limited legislation curbing prescription drug costs and extending federal subsidies for health care costs.

He said he was open to considering a broader compromise on environment and tax issues after Congress returned from a summer recess in September, an offer that many Democrats thought dubious.

There was no immediate explanation why Manchin had suddenly agreed to the far broader package. In December, his resistance derailed a wide-ranging $3.5 trillion, 10-year social and environment bill that was Biden's top domestic priority.

In his statement, Manchin said the new measure "would dedicate hundreds of billions of dollars to deficit reduction by adopting a tax policy that protects small businesses and working-class Americans while ensuring that large corporations and the ultra-wealthy pay their fair share in taxes."

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