- Manchin reached deal with Majority Leader Charles Schumer on package, which raises $739 billion in revenue
- Most comes from new 15% minimum bracket for large corporations
- Sinema wants to strike provisions ending carried interest loophole
- It brings in $14 billion in revenue and is a priority for Biden and Manchin
- She also reportedly wants $5 billion in drought resiliency funds
- Democrats need backing by all 50 Democrats to pass under budget ‘reconciliation’ procedures, which provide filibuster protection
Democratic Sen. Kyrsten Sinema is finally airing her concerns Democratic colleague Joe Manchin’s plan reached with Senate Majority Leader Charles Schumer to raise $739 billion in revenue.
The deal, which would include $433 billion in government spending on climate and health programs, would finally give President Biden and Democrats a major policy win, in a week when Biden announced the US took out Osama Bin Laden’s Number Two Ayman al-Zawahiri.
Sinema has been silent since Manchin announced the deal this week – and the White House has refused to divulge what contact, if any, Biden has had with the Arizona senator, who has infuriated Democratic colleagues and who is up for reelection in 2024.
Sinema ‘wants to nix language narrowing the so-called carried interest loophole, which would change the way some investment income is taxed,’ Politico reported.
The asks would represent a stunning $19 billion in changes and reflect Sinema’s leverage, but are still dwarfed by the overall size of the package.