Sen. Joe Manchin (D-WV) talks to reporters as he leaves the the Senate Democrats weekly policy luncheon at the U.S. Capitol on July 20, 2021 in Washington, DC.
Chip Somodevilla | Getty Images
Senate Majority Leader Chuck Schumer, D-N.Y., and Sen. Joe Manchin, D-W.V., on Wednesday announced that they have struck a long-awaited deal on legislation that aims to reform the tax code, fight climate change and cut health-care costs.
The bill would invest more than $600 billion over 10 years, to be fully paid for by closing tax loopholes on the richest Americans and corporations, the senators said in a joint statement.
The reconciliation package, which Democrats hope to pass without needing GOP votes, was revealed hours after the Senate passed a bipartisan bill aimed at boosting U.S. competitiveness with China by subsidizing the domestic production of semiconductors.
Senate Minority Leader Mitch McConnell, R-Ky., had previously warned that Republicans would not back that China competition bill if Democrats continued to pursue an unrelated reconciliation legislation.
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