With plenty of available offsets, the Finance Committee’s reconciliation instruction could likely accommodate a change along those lines. The original provision is tucked into the measure’s $325 billion clean energy tax package, which is already getting whittled down in some areas, such as Manchin’s concerns about its electric vehicle tax credits.
Other advantages: Manchin already voted for the $52 billion semiconductor package without any offsets, during Senate debate last May. Sticking the program into the budget bill, if they can reach a broader deal before the recess, would give vulnerable Democrats like Sen. Mark Kelly of Arizona — who last week met with executives from companies like Taiwan Semiconductor Manufacturing Co. and Intel Corp. that have pledged investment in his state — a big pre-election win.
And by shelving the current conference negotiations on the competition bill, they’d reserve for themselves an available — and unamendable — legislative vehicle for later in the year. They could use that conference report to try to salvage numerous provisions left out of reconciliation, tax extenders and more.
The lame-duck pivot
There are plenty of reasons Democrats might opt to shelve the chips bill for now in the face of McConnell’s threat. For one thing, potential Byrd rule challenges in reconciliation might prove too high a hurdle.
Another reason is cost: While technically there’s room in the budget, and despite his past support for un-offset chips grants, Manchin has conditioned his support for “Build Back Better”-lite on at least half of the offsets going to deficit reduction, sources have said. That could require Democrats to come up with an extra $100 billion or so in offsets at a time they are already struggling to close a deal.
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July 06, 2022 at 09:54PM
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For chips and budget packages, Democrats face choices - Roll Call
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