Deal that would make the largest climate investment in u.s. history, provide tax credits for buying electric vehicles, and lower health care premiums for millions of americans. it came after a sudden reversal from moderate democratic senator joe manchin, who just days ago upended talks over concerns about inflation. but now, he s on board. i just felt there was an opportunity here to really give us an energy policy with security that we need for our nation. but also driving down the prices, the high price of gasoline, driving down inflation was my number one goal. reporter: the bill includes $369 billion to fight climate change. $64 billion to lower premiums for americans buying their own health insurance. medicare would be allowed to negotiate the price of prescription drugs, passing along the savings to consumers. and seniors would pay less for medication, with out of pocket expenses capped at $2,000. it would be paid for by raising taxes on big corporations and the wealthy. if the bill passes, it would be a huge victory for president biden, who today insisted it
Tradition isn t up to the weird moment. folks will see on the left side of their screen president biden and treasury secretary yellen speaking. carol lee, jake ward, thank you both. congress, as carol mentioned, is racing to try to address inflation with democrats possibly, maybe, potentially, almost on the brink of passing big legislation with huge investments on climate, on taxes, on health care, if the democrats can all stick together. the senate estimates $740 billion in new revenue through changes through taxes, 15% corporate minimum tax, going after corporations that don t pay their taxes. it includes $64 billion to lower health care premiums and $370 billion spending on energy security and climate change. this is a big thing. this is a big bill.
Word tonight that senator joe manchin in a reversal has now struck a deal with democratic leaders on a health and climate bill that would also include tax increases for corporations and the wealthiest of americans. tonight, president biden already responding, let s get right to rachel scott, live up on the hill tonight. rachel, what do we know? reporter: well, president biden is on the verge of a major victory tonight, david. after months of stalled negotiations, one key moderate democratic holdout, senator joel man chin, announced he has reached a deal with democrats to advance the party s economic agenda. let s take a look at what this package would include. $369 billion on energy and climate initiatives. $64 billion to extend subsidies for people who buy health insurance under the affordable care ability. it would raise nearly $300 billion by allowing medicare to negotiate the price of prescription drugs. and raise taxes on big corporations and the wealthy. manchin insists this will bring in hundreds of billions of dollars to reduce the deficit. inflation has always been his top concern. senate democrats are now
Heartbreaking and infuriating, but it was not inevitable. biden s weak presidency controlled by the climate change crowd helped create the tragedy unfolding in ukraine tonight. as long as china gives them financial cushions to block sanctions, putin is going to have his way no amount of american dollars spent in the ukraine will change that. that s the angle. joining me now is tennessee senator bill haggerty, who served on a senate foreign relations committee. you heard my conversation earlier with peter doocy. we are still buying an enormous amount of energy from russia. russia is attacking ukraine, and congress is going to be asked to spend the $64 billion that we are going to have to print or borrow to send it to ukraine.
Jef, at what point does the prime minister rhetoric and the economic reality become so glaring that we start to see some kind of public reaction to it? thus far, all the opinions suggest the prime minister remains by a mile, by a country mile of the most popular political leader. and his party is comfortably ahead in most surveys of voting intention. this is the £64 billion question. he does have remarkable buoyancy, part of that is his personal charm, part of it is the labour party is becalmed and very confused about what it can do to make itself different from him and regain its northern seats. he also has that wonderful gift of not having to be a detail person. this is something that hillary clinton suffered from. she always had to be