Sen. Joe Manchin signed onto a deal to fight climate change and inflation. NPR’s Cheryl Corley asks former Treasury Secretary Larry Summers about the proposal’s potential impact.
CHERYL CORLEY, HOST:
Senator Joe Manchin of West Virginia surprised the country this week when he announced a landmark deal with Senate Majority Leader Chuck Schumer to fight climate change, lower health care costs and address inflation – all this while cutting the deficit by raising corporate taxes. The conservative Democrat has often stymied the party’s efforts to combat climate change and to deliver progress on one of President Biden’s key campaign promises. The deal is more moderate than Democrats’ initial goals. However, it would spend nearly $370 billion in climate and energy provisions, the largest such investment in the country’s history. So how did it happen? Through lots of negotiations with significant help reportedly from economist Larry Summers, who spoke with Senator Manchin about the proposal. Summers served as Treasury secretary in the Clinton administration, as well as director of the National Economic Council under President Obama. And he joins us now. Mr. Summers, welcome to ALL THINGS CONSIDERED.
LARRY SUMMERS: Very glad to be with you.