Dems seem headed, finally, toward triumph on climate, health

WASHINGTON (AP) — It’s been more than a year in the making and has seen plenty of ups and downs. Now, a Democratic economic package focused on climate and health care faces hurdles but seems headed toward party-line passage by Congress next month.

Approval would let President Joe Biden and his party claim a triumph on top priorities as November’s elections approach. They have not forgotten that they came close to approving a far grander version of the bill last year, only to see Sen. Joe Manchin, D-W.Va., one of their most conservative and contrarian members, torpedo it at the eleventh hour.

This time, Senate Majority Leader Chuck Schumer, D-N.Y., has crafted a compromise package with Manchin, to the surprise of everyone, transforming the West Virginian from pariah to partner. The measure is more modest than earlier versions but still checks boxes on issues that make Democrats giddy.

Here's what they face:

WHAT'S IN IT?

The measure would raise $739 billion in revenue over 10 years and spend $433 billion. More than $300 billion would be left for trimming federal deficits.

Those are meaningful cuts in red ink. But they’re tiny compared with the $16 trillion in new debt the nonpartisan Congressional Budget Office estimates will accumulate over the next decade.

The package would save consumers and the government money by curbing prescription drug prices, and it would subsidize private health insurance for millions of people. It would bolster the IRS budget so the tax agency can collect more unpaid taxes.

The plan would foster clean energy and offshore energy drilling, a balance demanded by Manchin, a champion of fossil fuels. It also would collect new taxes from the largest corporations and wealthy hedge fund owners.

It's a fraction of the $3.5 trillion package that...