Manchin Proposed $1.5T Top-Line Number for Reconciliation Bill to Schumer

Sen. Joe Manchin (R-WV) is floating a $1.5 trillion top-line deal to Senate Majority Leader Chuck Schumer (D-NY) for the multi-trillion-dollar reconciliation package after a report revealed that he would only contribute that amount earlier this summer.

The one-page accord — dated July 28 — was a proposal by Manchin to limit the total cost of Democrats' sweeping spending bill to $1.5 trillion, “no earlier than October 1,” according to a copy of the agreement obtained by POLITICO.

Manchin spoke with reporters on Thursday about remaining adamant to that number.

“As you’ve seen, I think by now, the 1.5 (trillion dollars) was always done from, from my heart, basically [as] what we could do and not jeopardize–not jeopardize our economy,” he said.

In the document, Manchin proposes raising the capital gains tax rate to 28 percent, the corporate tax rate to 25 percent, and the top tax rate on income to 39.6 percent — the agreement added that “any revenue exceeding $1.5T” would be used for deficit reduction.

It was reported that the West Virginia Senator had been distributing the July agreement to his Democratic colleagues and leaders to prove that he delivered his terms on Biden’s Build Back Better agenda.

A spokesperson for Schumer reported that while the Democratic leader never “agreed” to the terms, “he merely acknowledged where Sen. Manchin was on the subject at the time.”

“Sen. Manchin did not rule out voting for a reconciliation bill that exceeded the ideas he outlined, and Leader Schumer made clear that he would work to convince Sen. Manchin to support a final reconciliation bill,” the spokesperson added.