It brought Democrats one step closer to enacting the package and saving key pieces of their domestic agenda, starting with a series of votes this weekend. It came just over a week after Majority Leader Mr. Manchin and Senator Chuck Schumer stunned their colleagues with an Agreement to bill hundreds of billions of dollars for Climate and energy programs and tax increases, in addition to a proposal to lower the price of Prescription Drugs and expand health insurance subsidies.

The measure needs the unanimous support of Democrats to move forward in the 50-50 Senate, so the party can’t afford a single defector.

Mr. Schumer confirmed the news in a statement that he had reached an agreement “which I believe will have the support of the entire Democratic Senate conference.” He said the revised legislation would be released on Saturday.

“The agreement retains key components of the Inflation Reduction Act, including cutting the cost of prescription drugs, fighting climate change, closing tax loopholes exploited by big business and the wealthy, and reducing the deficit,” he said. The deal “puts us one step closer to turning this landmark legislation into law.”

Alan Rappeport reporting contributed.