Now that Sen. Joe Manchin (D-WV) has caved on his vow not to raise taxes during a recession, all eyes are on moderate Democratic Sen. Kyrsten Sinema of Arizona, who learned of the Democrats' deal on Wednesday and had no immediate comment.

The new bill - the Inflation Reduction Act of 2022 - includes $400bn in tax reform revenue, $396bn towards energy security and climate change investments, $300bn towards reducing the deficit, $200nb in drug price reform, and $64bn to extend Obamacare subsidies.