Senate Majority Leader Chuck Schumer (D–N.Y.) has reportedly brokered a deal with Sen. Joe Manchin (D–W.Va.) to pass a slimmed-down version of President Joe Biden's spending plan—now to be marketed as an attempt to curb inflation.

In a statement on Wednesday evening, Manchin announced The Inflation Reduction Act of 2022, a bill that the swing-vote senator says will be built around "paying down our national debt, lowering energy costs and lowering healthcare costs."

Though Manchin's statement is light on specifics about the bill, subsequent reporting by Politico and other outlets quickly fleshed out the proposal. The bill will include $370 billion in new spending on climate change initiatives and green energy projects—a linchpin of Biden's Build Back Better plan through its many, many interactions over the past year—and would dedicate about $300 billion of revenue toward reducing the deficit, which has been Manchin's top priority.