Biden set to speak on Manchin-Schumer climate and economic deal

CNN

By Betsy Klein, CNN

President Joe Biden will speak Thursday on the economic and climate package announced by Sen. Joe Manchin and Senate Majority Leader Chuck Schumer that’s giving a surprise boost to the President’s legislative agenda.

The speech will take place at 12:00 p.m. ET in the State Dining Room, the White House said.

Schumer and Manchin announced the deal Wednesday after more than a year of roller-coaster negotiations. The deal is a major reversal for Manchin, and the health and climate bill stands a serious chance of becoming law as soon as August — assuming Democrats can pass the bill in the House and that it passes muster with the Senate parliamentarian to allow it to be approved along straight party lines in the budget process.

The agreement contains a number of Democrats’ goals. While many details have not been disclosed, the measure would invest $369 billion into energy and climate change programs, with the goal of reducing carbon emissions by 40% by 2030, according to a one-page fact sheet. For the first time, Medicare would be empowered to negotiate the prices of certain medications, and it would cap out-of-pocket costs at $2,000 for those enrolled in Medicare drug plans. It would also extend expiring enhanced subsidies for Affordable Care Act coverage for three years.

There are factors complicating quick passage of the bill — Senate Majority Whip Dick Durbin announced Thursday that he had tested positive for Covid-19 and would be isolating. To pass the bill, Democrats would need all 50 of their senators to be present and vote in favor of the bill with Vice President Kamala Harris casting the tie-breaking vote, as all Republicans are expected to vote against the deal.

This is a breaking story and will be updated.

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