Republicans are not pleased with the prospect of a revived version of Build Back Better after Sen. Joe Manchin, D-W.Va. and Senate Majority Leader Chuck Schumer announced they came to an agreement on a reconciliation package.
While some details of the reconciliation package are unclear, Manchin said in a statement that the bill will contain a minimum 15% tax on companies worth more than $1 billion and will also have investments in energy, which include nuclear, renewables and fossil fuels.
Manchin said the bill will be titled the "Inflation Reduction Act of 2022."
"I now propose and will vote for the Inflation Reduction Act of 2022. Rather than risking more inflation with trillions in new spending, this bill will cut the inflation taxes Americans are paying, lower the cost of health insurance and prescription drugs, and ensure our country invests in the energy security and climate change solutions," Manchin said. "President Biden, Leader Schumer and Speaker Pelosi have committed to advancing a suite of commonsense permitting reforms this fall."
The two senators said the bill will raise $739 billion in revenue by IRS tax enforcement, closing the carried interest loophole and establishing a corporate minimum tax. Roughly $433 billion will be spent on energy and climate provisions, as well as an expansion of the Affordable Care Act.
Sen. Marsha Blackburn, R-Tenn., commented on the announcement, tweeting, "Build Back Broke."
Senate Minority Leader Mitch McConnell in a tweet said the reconciliation package contains "giant tax hikes" that would "kill thousands of American jobs."
"Democrats have already crushed American families with historic inflation. Now they want to pile on giant tax hikes that will hammer workers and kill many thousands of American jobs. First they killed your family's budget. Now they want to kill your job too," McConnell wrote.
Sen. Roger Wicker, R-Miss., said the package means "More taxing & spending + another Green New Deal."
Some Democrats seemed stunned by the sudden announcement by Schumer and Manchin.
"Holy s--t. Stunned, but in a good way. $370B for climate and energy and 40% emissions reduction by 2030. BFD," Sen. Tina Smith, D-Minn., tweeted.
Speaker of the House Nancy Pelosi said the reconciliation package is "welcome news for House Democrats."
"It is welcome news for House Democrats, who have fought relentlessly to lower the cost of health care, combat the climate crisis and ensure that the biggest corporations and the wealthiest few pay their fair share," Pelosi said in a letter to Democratic lawmakers. "This agreement is a victory for America’s families and for protecting our planet. In light of the discussions of the past year, this agreement is a remarkable achievement. We will continue to fight for priorities not contained in this legislation — because more must be done on behalf of America’s working families and to save the planet."
Sen. Brian Schatz, D-Hawaii, said that the reconciliation package is the "biggest climate action in human history."
When Build Back Better was being negotiated in December 2021, Manchin said on Fox News Sunday that he was a definitive "no" on the previous version of the plan.
"I’ve always said this, Bret: If I can’t go home and explain to the people of West Virginia, I can’t vote for it," Manchin said. "And I cannot vote to continue with this piece of legislation. I just can’t. I’ve tried everything humanly possible. I can’t get there."
Fox News' Tyler Olson, Hillary Vaughn, Jason Donner, Haris Alic and Chad Pergram contributed to this report.