Schumer received a $1.5T top-line proposal from Manchin this summer.
Manchin also recommended starting the debate no sooner than October 1 to avoid the holiday weekend.
POLITICO received a copy of an agreement Joe Manchin presented to Senate Majority Leader Chuck Schumer this summer in order to keep the Democrats’ massive spending measure under $1.5 trillion in overall cost.
Manchin also recommended starting the debate no sooner than October 1 to avoid any disruptions.
For the past few days, Sen. Joe Manchin has been handing out copies of the document,
which outlines his concerns with Vice President Joe Biden’s jobs and family proposal.
The one-page agreement was signed on July 28th, just days before the Senate passed a bipartisan infrastructure package,
which Manchin helped draft, and just days before the Senate enacted a budget,
which established a spending bill of up to $3.5 trillion.
In the document, Manchin proposes a 25 percent corporation tax rate, a 39.6 percent top income tax rate, and a 28 percent capital gains tax rate increase, all of which would go toward deficit reduction.
One of Manchin’s main worries is the deficit, and in this document he urges the Federal Reserve to reduce its quantitative easing program to ease inflation fears. He also asks that no money from this bill be spent until past Covid aid money has been disbursed.
Boldly printed on the paper is the statement that “Senator Manchin does not guarantee that (final reconciliation legislation) exceeds the conditions specified in this agreement.”
The document was signed by both Manchin and Schumer…………………….. According to a note Schumer sent to Joe Allen, the actor “would try to dissuade Joe on many of these.” Schumer’s
In other words, “Leader Schumer never agreed to any of the requirements Sen. Manchin laid out,” a representative for the senator stated. Leader Schumer made it plain that he would strive to persuade Sen. Manchin to support the final reconciliation package, as he has been doing for weeks. Sen. Manchin did not rule out voting for a reconciliation bill that went beyond his ideas.
Manchin’s demands are unlikely to be met by Democrats, and the senator’s willingness to compromise is unclear. Manchin has provided Schumer with more information, though, than many other Democratic Party members.
