U.S. Democrat Manchin says he reaches deal with Schumer on drugs, energy bill

© Reuters. FILE PHOTO: Chairman U.S. Senator Joe Manchin (D-WV) attends a U.S. Senate Energy and Natural Resources Committee hearing on Capitol Hill in Washington, U.S., July 19, 2022. REUTERS/Elizabeth Frantz

WASHINGTON (Reuters) - U.S. Democratic Senator Joe Manchin said on Wednesday he has reached a deal with Senate Democratic leader Chuck Schumer on a bill that would reduce the national debt, invest in energy technologies and lower the cost of prescription drugs.

The move by Manchin, who has often been a roadblock to President Joe Biden's policy goals, expands on his earlier statement that he could support a bill that addressed prescription drug costs, but would need more time to see if he could back one that included taxation and climate provisions, citing concerns about inflation.

Schumer plans to pass the measure through a Senate maneuver called "reconciliation" that allows him to proceed with just a 51-vote majority, bypassing normal rules that require 60 of the 100 senators to agree to most legislation. That would allow him to pass the bill with only Democratic votes, if necessary.

Manchin and Schumer in a statement said the bill would reduce the nation's deficit by about $300 billion, lower carbon emissions by about 40% by the year 2030 and allow the government's Medicare health plan to negotiate prescription drug prices.

The new agreement also includes measures that would adjust the nation's tax structure and lower the cost of health insurance.

"I have worked diligently to get input from all sides on the legislation my Democratic colleagues have proposed and listened to the views of my Republican friends to find a path forward that removes inflationary policies so that Congress can respond to Americans’ suffering from high prices," Manchin said.

The passage of the bill would be important for Biden's legislative agenda, even if it is a significantly pared down version of the sweeping changes the president sought early in his term.

Schumer said the Senate will take the bill up next week after it is reviewed by the nonpartisan Senate arbiter known as the parliamentarian to ensure all its measures can be passed through reconciliation.