of this off. and that is kind of the big question mark right now. exactly when is that going to start? but we did hear from senate majority leader chuck schumer just a little bit ago. i'll let you listen to him. >> now that our meetings with the paym -- the parliamentarian have:colludes, we could win the support of all of the democrats. i'm happy report that the bill we presented to the parliamentarian remains largely in tact. the bill, when passed, will meet all of our goals. fighting climate change, lowering health care costs, closing tax loopholes, abused by the wealthy, and reducing the deficit. >> reporter: now, again it is important to note we do expect this to pass. it is just going to be a lengthy process and part of the process what is known as a vote-a-rama, voting on amendments to this and that is why senate republicans want to force some democrats to
call inflation reduction act will not only lower cost for consumers but will not raise taxes on the middle class. republicans argue it will not help you alleviate inflation and it will take money out of people's pockets and hurt americans across a number of key sectors. chief congressional correspondent chad pergram is live on capitol hill and he has the latest for us. >> good evening, the senate waited all day but the past hour the senate got a text, the bill is 755 pages in length, democrat plans to pass the bill overnight. >> this is one of the most comprehensive impactful bills congress has seen in decades. it will reduce inflation, lower prescription drug costs, fight climate change, close tax loopholes and reduce the deficit. >> all gop members of postville,
Senator Kyrsten Sinema agreed to back the Inflation Reduction Act on the condition that a $14 billion tax break for wealthy hedge fund managers be preserved.
economic legislation through the senate. the inflation redaction act represents what would be the largest investment in energy and climate programs in u.s. history. it would extend health care subsidies and give medicare the power to negotiate prescription drug prices. senator schumer says it will close tax loopholes and reduce the deficit by $300 billion. cnn's sunlen serfaty is on capitol hill with the latest on the deal. >> reporter: good morning. this is certainly a big breakthrough on capitol hill and democrats and the white house certainly breathing a huge sigh of relief this morning. senator sinema coming out and announcing that she is on board, that she's going to move forward with this bill, meaning that democrats very likely have the votes to get this passed through on capitol hill, and this is a major piece of the biden administration with major investments in climate, energy and health care, as well as tax reform. it was on that issue of tax reform where senator sinema expressed concern in recent days and where she was able to push
achieve something for veterans, make the tweak. they want to attack republicans for hating veterans and scoring political points they can keep doing what they're doing. bret: let's talk about this manchin, humans deal you heard the senator on the specifics. what is your take about where the stands and where it's going? >> i think joe manchin for the life back into the biden demonstration slate of agenda this past week. he is right it closes on the tax loopholes for there's a lot of debate about the text piece of this print does a couple of things he biden administration believes are important but allowing medicare to negotiate drug prices for example, bringing down inflation but here people like larry summers who is not always been a fan of the biden ministration policy saying this bill will actually reduce inflation in the long haul. i think there are a number of priorities with its energy security, springing down inflation, whether it's negotiating prescription drug prices that will help average americans, the sebago legislative achievement if they
make the tweak. they want to attack republicans for hating veterans and scoring political points they can keep doing what they're doing. bret: let's talk about this manchin, humans deal you heard the senator on the specifics. what is your take about where the stands and where it's going? >> i think joe manchin for the life back into the biden demonstration slate of agenda this past week. he is right it closes on the tax loopholes for there's a lot of debate about the text piece of this print does a couple of things he biden administration believes are important but allowing medicare to negotiate drug prices for example, bringing down inflation but here people like larry summers who is not always been a fan of the biden ministration policy saying this bill will actually reduce inflation in the long haul. i think there are a number of priorities with its energy security, springing down inflation, whether it's negotiating prescription drug prices that will help average americans, the sebago legislative achievement if they can get it done.
that says this completely rearranges the legislative and political outlook in washington. >> reporter: that's right. absolutely, john. this is certainly a major breakthrough for democrats on some key pieces of biden's agenda that frankly did seem dead even just a few weeks ago. now, manchin and schumer announcing the big contours of his deal that would provide major investments, $369 billion worth of investments in energy and health care. it sets the goal to reduce carbon emissions by 40% by 2030, it empowers medicare, notably for the first time, to negotiate drug prices, it extends those expiring affordable care act subsidies for the next three years and will be paid for, democrats say, by closing tax loopholes on the wealthy and large corporations, imposing a 15% corporate minimum tax. there are many things left on the cutting room floor that democrats wanted in this deal, including paid family leave and
back to inflation time and time again, so not surprising for him to want to look at the july inflation numbers to move forward. victor and alisyn, i talked about what could be in a potential deal, what might they be able to do. there's really only two things that our reporting indicates manchin is really open to and that's allowing medicare to negotiate prescription drug prices and also extending these aca subsidies for another two years. that means the tax provisions are out, closing some tax loopholes to sure up medicare solvency is out. any tax raises on the wealthy or businesses all out. and to give us perspective, this went from a $3 trillion deal to $1.75 trillion, to now potentially, maybe, getting these last two things done. but, again, we'll just see on that. victor and alisyn. >> jessica dean, thank you. so why were secret service text messages sent on the day of the capitol insurrection
they want to talk about republicans hypothetically raising taxes which is not going to happen. every single house democrat except for one up in maine all of them voted for build back better which actually raises taxes on millions of middle class families while carving out tax loopholes for blue state millionaires. that's their actual voting record already. how's that for a talking point, mr. president? >> harris: they still couldn't get it. >> they tried! they tried! >> harris: still couldn't get it. >> joe manchin saved them. >> harris: maybe a little kirsten cinema thrown in after they chased her in the bathroom. dangerous part of the process. >> right. >> harris: i came up with three things, cheryl. i know that the president listed in the sort of pandemic and putin for the gas prices and what we're paying. but you -- based on what you said, i came up with private entities, too. >> he went after the good old talking points of going after the beef industry and the chicken and poultry industry which he's done before. greedy oil companies, the