“Democrats are hoping quiet negotiations between Senate Majority Leader Chuck Schumer and Sen. Joe Manchin can quickly produce an agreement to advance key elements of President Biden’s economic agenda before a narrowing window to pass ambitious legislation ahead of the midterm elections closes,” the Wall Street Journal reports.
“Mr. Manchin, a Democrat from West Virginia, and Mr. Schumer, a Democrat from New York, have held a series of meetings in recent weeks on a package focused on lowering prescription drug costs, raising taxes and bolstering energy production in the U.S.”
“While the substance of those conversations remain closely held, some Democrats and outside analysts now expect a possible agreement could raise roughly $1 trillion in revenue and spend about $500 billion over a decade. With roughly half the new revenue dedicated toward reducing the deficit, the spending would focus on tax incentives for reducing carbon emissions and some support for fossil fuels, as well as an extension of subsidies for purchasing health insurance under the Affordable Care Act.”
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