The speech will take place at 12:30 pm 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.
On a local radio show Thursday, Manchin argued that the bill should be well-received by both parties, saying it doesn’t “truly” raise taxes and doesn’t add to inflation, while creating a good energy policy.
“This is a bill for the country,” Manchin said. “It’s not a bill for Democrats. And it’s not a bill that Republicans should be concerned about.”
Biden spoke with Manchin and Schumer on Wednesday afternoon, he said in a statement thanking them — his first call with Manchin since December.
“This is the action the American people have been waiting for. This addresses the problems of today — high health care costs and overall inflation — as well as investments in our energy security for the future,” he said, calling on Congress to pass it “as soon as possible.”
But in the radio interview, Manchin said he and his staff worked with Schumer and his team to craft the so-called Inflation Reduction Act of 2022, saying Biden was “not involved.”
“It was me and my staff,” Manchin told host Hoppy Kercheval. “And then we worked with Schumer’s staff. My staff was driving it. We wrote the bill. Schumer’s staff would look at it and we would negotiate, and we worked that through them.”
Manchin added, “President Biden was not involved.”
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.
Senate Minority Leader Mitch McConnell slammed the package, calling it “nonsense and goodies for rich coastal elites.”
“This is the nonsense that Democrats are focused on,” McConnell said. “Not helping you put gas in your car, not helping you afford your groceries. They want to use the middle-class economic crisis they themselves created as an excuse to raise your taxes and ram through their green, new deal nonsense.”
He added: “Our colleagues across the aisle have already completely lost America’s trust on the economy before this reckless taxing and spending spree. Apparently, they now wanna see how much further they can fall.”
Further complicating matters is Arizona Democratic Sen. Kyrsten Sinema, a key moderate, who has not yet weighed in on the bill. She has previously raised concerns about taxes on carried interest, which would raise $14 billion under the deal. Sinema was not part of negotiations for the current package.
But in a closed-door meeting Thursday, Schumer privately told Democrats that now is the time to get a bill to deal with climate change and allow Medicare to negotiate prescription drug prices.
“We now have the opportunity to get those two hugely important priorities passed before the August recess,” he said, according to a Democrat inside the room.
“It will require us to stick together and work long days and nights for the next 10 days. We will need to be disciplined in our messaging and focus. It will be hard. But I believe we can get … this … done.”
News of the deal stunned Republicans on Wednesday. The agreement was announced shortly after the Senate passed a bill meant to boost US semiconductor production, legislation McConnell had threatened to block if Democrats tried to pass a climate and economic package.
Senate Republican Whip John Thune, when asked if the GOP got played by letting the so-called CHIPS bill go through before the Democrats’ economic deal was cut, told CNN: “I think everyone got surprised certainly by representations that had been made by Democrats about this deal, and I think there was certain amount of people being blindsided — not only on our side but on the Democrats’ side.”
Asked if McConnell played this properly, he said: “You’ll have to chat with him about that.”
The bill — the full text of which has not been publicly released — would also need to go through the House as well, where Democrats have a more substantial, but still thin, majority.
Progressive Rep. Pramila Jayapal, a Democrat from Washington, called the Manchin-Schumer deal a “major step forward” and a “massive accomplishment,” expressing confidence in the deal on CNN’s “New Day.”
“Welcome in, Joe Manchin, delighted to work with you to get this done,” she said.
But there are still landmines in the House, including whether to revise the caps on state and local tax deductions that have been demanded by a handful of mostly northeastern Democrats.
This story has been updated with additional developments.
CNN’s Maegan Vazquez contributed to this report.