Manchin Backs $369 Billion Energy-Climate Plan, Rejects SALT (3)

Senator Joe Manchin and Majority Leader Chuck Schumer have struck a deal on a tax, energy and climate bill, breaking a deadlock on the Democrats’ long-sought legislation to enact major parts of President Joe Biden’s agenda.

The plan, announced by the two Democrats on Wednesday evening, would generate an estimated $739 billion in revenue, spend $433 billion and reduce deficits by $300 billion over a decade. That’s still much smaller than the Biden administration’s plans before encountering Manchin’s repeated opposition.

Revenue would come from a 15% corporate minimum tax, allowing Medicare to negotiate drug-price cuts, and from boosting tax ...