Senate Majority Leader Chuck Schumer (D-NY) met this week with Sen. Joe Manchin (D-WV) to discuss a tax increase and deficit reduction bill to curb rising inflation.

Manchin, who torpedoed Democrats’ Build Back Better spending package last year, is now open to raising the corporate tax rate to 25 percent and the capital gains tax rate to 28 percent.

Manchin said after the meeting with Schumer that Democrats would likely need to use the fast-track reconciliation process to bypass Republicans in the Senate. He also said it would make sense to include cuts to prescription drug costs in the bill.

“Reconciliation for me is about getting inflation under control, paying down this debt, getting a handle on what’s going on,” Manchin said.

Schumer said his meeting with Manchin was “preliminary and good” and they would continue to see what can get done.