Behind the Manchin Miracle

Deconstructed

The Intercept

News

4.8 • 4.7K Ratings

🗓️ 29 July 2022

⏱️ 28 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

On Wednesday evening, Sen. Joe Manchin, D-W.Va., and Senate Majority Leader Chuck Schumer, D-N.Y., put out a joint statement announcing the Inflation Reduction Act of 2022. The more than 700-page bill the two came to terms on includes $369 billion for “energy security and climate change.” If it passes, that substantial level of investment is projected to reduce carbon emissions in the U.S. by 2030 by 40 percent. “An initial review of the agreement indicates that this will mark a historic direct investment in renewable energy and will unleash hundreds of billions of private investment for moonshot projects,” Rep. Ro Khanna, D-Calif., told Ryan Grim after the deal was announced.

Khanna has spent months working with Manchin to keep him in talks. The bill also includes a 15 percent corporate minimum tax on companies with profits of more than $1 billion a year; $80 billion over 10 years for IRS tax enforcement; and an expansion of Affordable Care Act subsidies. Khanna joins Grim to discuss the negotiations and the significance of the bill.

If you’d like to support our work, go to theintercept.com/give.

Hosted on Acast. See acast.com/privacy for more information.

Transcript

Click on a timestamp to play from that location

0:00.0	Welcome back to Deconstructed. I'm Ryan Grimm, and I know I told you I was mostly taking
0:11.8	this summer off to work on a book, but I couldn't resist coming back for this episode,
0:16.4	given the stunning news Joe Manchin and Chuck Schumer dropped on the world Wednesday afternoon.
0:21.3	So to quickly recap, about two weeks ago, Mitch McConnell warned that if Democrats continued
0:26.6	pursuing a big climate package, then Republicans would blow up Manchin's cherished bipartisan
0:32.4	semiconductor legislation.
0:34.4	In a tweet, he said that he wants to be perfectly clear, there will be no bipartisan
0:39.0	Useka, that's the name of the broader package that includes the money for the chips industry,
0:43.7	as long as Democrats are pursuing a partisan reconciliation bill. So again, McConnell saying
0:49.5	he's willing to block the money for the semiconductor industry if the Democrats move forward with
0:54.9	a broader spending package.
0:57.0	Manchin fumed calling McConnell as bad as the hostage taking lefties in his own party,
1:01.9	but days later, he announced he was walking away from the climate bill. Now on Wednesday,
1:06.3	a little afternoon, the Senate passed that semiconductor bill.
1:09.7	This chips and science bill is going to create millions of good paying jobs down the road.
1:15.1	It will alleviate supply chains, it will help lower costs, and it will protect America's
1:19.8	national security interests.
1:22.2	Four hours later, Manchin and Schumer announced their deal on a climate bill. Republicans
1:26.6	were so livid that they took their anger out on a veteran's bill, voting to torpedo legislation
1:32.1	that would extend healthcare coverage to vets who got cancer from burn pits. They had
1:36.8	recently voted overwhelmingly to support that.
1:39.9	As we in essence yesterday took benefits away from the people who have been impacted by
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from The Intercept, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of The Intercept and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.