Schumer: We've reached a 'framework' with Biden to pay for $3.5 trillion budget reconciliation bill

Senate Majority Leader Chuck Schumer announced Thursday the Biden administration and Democratic congressional leaders have reached an agreement on tax increases to pay for their $3.5 trillion, filibuster-proof budget reconciliation bill.

“The White House, the House and the Senate have reached an agreement on a framework that will pay for any final negotiated agreement," the New York Democrat said at a news conference alongside Treasury Secretary Janet Yellen and House Speaker Nancy Pelosi.

Schumer announced the framework but he didn't take questions, and Pelosi declined to expand on specifics of the agreement.

Democratic senators such as Joe Manchin, of West Virginia, have said the $3.5 trillion figure is too high.

When asked whether the size of the spending bill is being reduced, Pelosi did not elaborate. She predicted that Democrats will be united in passing the final reconciliation bill.

When asked about the framework Schumer announced, Senate Budget Chairman Sen. Bernie Sanders replied, “I have no idea.”