The headlines in the New York Times and Washington Post screamed: “Manchin and Majority Leader Schumer agree to compromise on reconciliation bill.” The bill is a 725-page, $739 billion proposal, called the “Inflation Reduction Act of 2022.” Now they must get every Democrat in the Senate to vote for it with Vice President Harris breaking the anticipated tie, when every Republican will vote no.
Then Speaker Pelosi must rally the Democratic votes in the House. If and when this bill passes it’s a huge victory for President Biden, Democrats, and the people.
This bill was negotiated in secret and that in itself is amazing in this day and age. By keeping it secret Democrats were also able to first garner enough Senate Republican votes for the CHIPS-plus bill funding both computer chips and science.
The House then passed the $280 billion ‘Chips and Science Act’ that would subsidize domestic semiconductor manufacturing and invest billions in science and technology innovation.