Manchin reaches deal with Schumer on tax provisions in key bill

West Virginia Democratic Sen. Joe Manchin on Wednesday announced that he and Senate Majority Leader Chuck Schumer, D-N.Y., have reached a deal on tax policy provisions in key Democratic legislation.

In a press release, Manchin said the deal “would dedicate hundreds of billions of dollars to deficit reduction by adopting a tax policy that protects small businesses and working-class Americans while ensuring that large corporations and the ultra-wealthy pay their fair share in taxes," according to Politico.

While details of the deal remain unknown, the announcement marks progress for the Democrats' stalled legislative agenda.

Earlier this month, Manchin declined to back existing climate and tax provisions in his party's proposed economic package amid concerns over record inflation.

"Political headlines are of no value to the millions of Americans struggling to afford groceries and gas as inflation soars to 9.1%," a Manchin spokesperson said at the time. "Senator Manchin believes it's time for leaders to put political agendas aside, reevaluate and adjust to the economic realities the country faces to avoid taking steps that add fuel to the inflation fire."

The moderate Manchin has long stood in the way of his party's more ambitious agenda items, opposing reforms to the filibuster to pass partisan legislation in the evenly divided Senate.