President Joe Biden’s $5.8 trillion budget for next year would trim federal deficits and boost taxes on the wealthiest Americans — but it needs every Democrat’s vote.
The new revenue would also be used to lower costs for families, Biden said, as Democrats confront the nation's bout with inflation that's become a major political liability.
Manchin, chairman of the Senate Energy and Natural Resources Committee, has repeatedly said he wants any new package to focus on domestic energy independence. He also wants an “all of the above" policy that combats climate change but helps all forms of energy. Of the House-approved $2 trillion bill, $555 billion was for tax breaks and other initiatives for encouraging a switch to cleaner energy. At Manchin's insistence, that bill dropped the original plan's biggest effort to do that by offering financial rewards or penalties for energy producers.
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