Five years ago today, the late John McCain strode onto the Senate floor and delivered a thumbs-down to the Republican repeal of Obamacare, a white whale they had been pursuing since well before obtaining a governing trifecta. The legislative agenda in the Trump years narrowed to a historically unpopular tax cut and deregulation.

One year ago today, Chuck Schumer and Joe Manchin signed a secret deal to deliver a $1.5 trillion reconciliation bill that would include "no additional handouts or transfer payments" on any health or family care policies, and investments in "fuel neutral" energy, with carbon-capture technologies mandated for fossil fuel infrastructure, a zero-emission vehicle credit that included hydrogen fuel cell cars, with parity for both renewable and fossil fuel tax credits. Among the measures to help pay for it were a corporate minimum tax of 15 percent and an end to the carried interest loophole.

For 364 days, Manchin went back and forth on pretty much all of these provisions, rejecting the bill outright, then crawling back to the table, going into bargaining with Schumer, leaving that bargaining, and coming back. And one year to the day later, we have a bill called the Inflation Reduction Act of 2022, which includes everything in that previous paragraph and a lot more on energy and climate, plus the ACA insurance exchange subsidies and prescription drug price reforms we knew about. But overall, the bill spends $433 billion, a little over $1 trillion less than that original topline. Much of its revenue goes to deficit reduction.

There is no such thing as a genuine surprise in Washington—usually. This was a genuine surprise. I had been talking to people this week who would or should have known that talks between Manchin and Schumer, thought to be moribund, were taking place. The closest I got to foreknowledge was one source saying that they just didn’t believe it. An army of reporters, lobbyists, and hangers-on didn’t know this was happening.

The reveal was made a few hours after the Senate cleared the CHIPS and Science Act, a bill that offers semiconductor manufacturers subsidies for reshoring and boosts science programs. Mitch McConnell had threatened that bill, something highly cherished by Schumer, if Democrats persisted with a party-line bill that raised taxes and boosted clean energy. When Manchin walked away from negotiations with Schumer just two weeks ago over those two items, McConnell let his guard down and allowed a vote on CHIPS, which was popular with many of his Republican colleagues. Schumer and Manchin waited until that cleared the Senate before announcing a reconciliation deal with taxes and climate back in.

If you told me a cosmic ray hit Washington and flipped everyone’s brains, giving Schumer the Machiavellian cunning of a Republican and giving McConnell the guileless approach of a Democrat, that might be a more plausible explanation for this display than the truth. It’s a near-legendary turn of events that infuriated McConnell so much he took hostage a bill to give dying veterans exposed to toxic burn pits medical care, something Republicans passed overwhelmingly just a few weeks ago (it needed a technical fix). The combination of the revival of the Biden agenda and red-faced Republicans making terrible choices on highly popular legislation is one for the ages.

Read the full story at prospect.org