Politics The new Senate deal dealt with inflation and climate...

The new Senate deal dealt with inflation and climate change in what Biden called ‘historic’


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In remarks from the White House on Thursday, President Biden said the anti-inflation legislation would ease pressure on the economy from rising inflation.

Susan Walsh/AP

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Susan Walsh/AP

In remarks from the White House on Thursday, President Biden said the anti-inflation legislation would ease pressure on the economy from rising inflation.

Susan Walsh/AP

President Joe Biden hailed as “historic” Senate Democrats’ agreement on a bill to fight the climate crisis and lower the cost of prescription drugs – key parts of his domestic agenda.

“It’s a big deal,” Biden said of the bill, called the Lower Inflation Act, at the White House on Thursday. He said the law would reduce inflationary pressure on the economy and serve as the country’s most important investment in energy security.

“With this legislation, we are addressing some of our biggest problems and we are taking a big step forward as a nation,” he said.

He noted that former Vice President Al Gore, a champion of climate change reform, and Larry Summers, a critic of the Biden administration’s economic approach, supported the bill.

Agreement on the legislation took months after Senate Democratic holdout Joe Machin withdrew support for the larger bill in early July, saying he was hesitant to approve more spending when inflation was so high. Manchin opposed parts of the bill that included investments to combat climate change and tax provisions, leaving instead a slimmed-down healthcare-focused bill.

But now, with a surprise reversal by the West Virginia senator on Wednesday, the bill appears to be moving forward.

“I want to thank Leader Schumer and Joe Manchin for the extraordinary work it took to reach this result,” Biden said.

Bill Includes nearly $300 billion in deficit reduction and $370 billion in energy and climate spending provisions. That would raise about $313 billion from the new 15% corporate minimum tax.

The president noted that the bill does not include many parts of his Build Back Better agenda that he says he will continue to fight for — provisions that would make childcare and elder care more affordable, lower college and pre-school costs, and expand Medicaid. .

“This bill is not perfect. It’s a compromise. But that’s often how progress is made,” Biden said. “My message to Congress is this: This is the strongest bill you can pass to reduce inflation, address the climate crisis, and reduce the burden on lower- and middle-class families,” he said.

“Pass for America.”

The Senate could take up the bill next week. Democrats are hoping to get it to the floor using a budget process called reconciliation to avoid a Republican filibuster. It would need the support of all 50 Senate Democrats to pass.

Manchin says Biden was not involved in the bill negotiations

Manchin said Thursday morning that he had not reached a deal with President Biden as negotiations developed.

“President Biden was not involved,” Manchin told West Virginia radio host Hoppy Kercheval. “I wasn’t going to bring the president in. I didn’t think it was right to bring him in.
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Manchin added that if Biden had been involved, the deal “wouldn’t have happened at all. It would have completely fallen apart.
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And he pushed back on rhetoric that he had walked away from the bill weeks ago.

“I’m not shying away from anything. I’m just very cautious,” he said, pointing to his concerns about rising inflation.

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