interest rates in hopes of slowing inflation. and this morning, a key report could provide a better outlook on our economy s health. meanwhile on capitol hill, senator joe manchin finally agrees to a major deal on climate, health care, and taxes, and we ll break down what s in that reconciliation package. and potential prisoner swap for brittney griner, the state department says there s a substantial offer to bring the wnba star, and another american, back home. good morning, and welcome to way too early on thursday, july 28th. i m jonathan lemire. thanks for joining us. after nearly a year of, a year and a half of on and off negotiations, democratic senator joe manchin says he has reached a deal with party leaders on a sweeping reconciliation package. in a statement yesterday, that surprised even most democrats on the hill, the west virginia lawmakers announced an agreement on what is being called the inflation reduction act of 2022. writing in part this, this bill
just in the nomination process, essentially they re to get all 50 senate democrats here. we re looking for them to start this whole process in a matter of hours. the big question mark is when exactly will they do that. we don t quite know. they re waiting on a couple of things. you mentioned the senate parliamentarian. they re using a specialized budget process to move forward. they only need democratic senate support to get it through the senate but in order to use that process they have to make sure, they have to go through the parlia parliamentarian to finish. so they re waiting on a few more rulings from her and also waiting from the congressional budget office on how much some of these provisions will cost and how they will affect the deficit. once they have all that have in place, senate democrats can feel comfortable with a motion to proceed, which is essentially the first vote to kick off what is a very long and tedious process to get this across the finish line. once
reduction act, would be the largest investment in energy and climate programs in u.s. history. for the first time it would give medicare the power to negotiate prescription drug prices, cap medicare out-of-pocket costs at $2,000, and extend expiring health care subsidies for three years. but before any of that happens, it must get approval from the senate parliamentarian to proceed with a filibuster-proof reconciliation process, allowing democrats to pass the bill with just 50 votes. cnn s jessica dean is on capitol hill for us. jessica, where does the bill stand right now? reporter: well, now we are sitting around and waiting for it to make its way through this very complex budget procedure that you just kind of outlined there, frederica. but what we are anticipating is that the senate will gavel in in about an hour around noon. from there, they re going to they have to kind of get through all of these procedures. so what we ve learned in the last couple of hours, the
desantis, picked charlie crist, a former republican himself, as their nominee this fall. also, new details surrounding former president trump s handling of classified material. cnn learned overnight that the national archives told trump s legal team months ago that it wanted intelligence agencies to conduct a damage assessment on more than 700 pages of documents found at mar-a-lago. we ll get into that. also, a big announcement expected today from the white house, sources say president biden could cancel up to $10,000 in federal student loan debt for some borrowers and extend that moratorium, the pause on loan payments through the midterms. much more on that ahead. we have got our correspondents in florida and new york covering all the angles of tuesday s primary. let s begin this morning in new york with cnn national correspondent jason carroll. jason, you were out there yesterday as voters were going to the polls. you ve got new york s 19th congressional district offeri
the biden administration doesn t understand people care about gas prices, inflation and the economy. they are living in la-laland. from la-laland, hoff. voting will begin on the deal, the cdo and economists agree the bill will not curb prices and the white house is lowering expectation ahead of today s release of the jobs report. kyrsten sinema says this, we have agreed to remove the and boost the budget reconciliation legislation, the president is responding to this saying we have taken another critical step toward cost of living for american families, look forward to pass this as soon as possible. at the center is west virginia senator joe manchin who support paved the way for it to head to a vote. here is what he s saying about getting republicans on board. you think this is something republicans should do? i talk to my republican friends, we just got to have more energy, we will drill more oil. the congressional budget office says the act will not ease inflation