Senate Majority Leader Chuck Schumer and Sen. Joe Manchin on Wednesday announced a deal on an energy and health care bill, representing a breakthrough after more than a year of negotiations that have collapsed time and again.

But it will face furious GOP opposition.

The deal is a major reversal for Manchin, and the health and climate bill stands a serious chance of becoming law as soon as August -- assuming Democrats can pass the bill in the House and that it passes muster with the Senate parliamentarian to allow it to be approved along straight party lines in the budget process.

While Manchin scuttled President Joe Biden's Build Back Better bill, the final deal includes a number of provisions the moderate from West Virginia had privately scoffed at, representing a significant reversal from earlier this month. That includes provisions addressing the climate crisis.

What's in the Manchin-Schumer deal on climate, health care and taxes

The agreement contains a number of Democrats' goals. While many details have not been disclosed, the measure would invest $369 billion into energy and climate change programs, with the goal of reducing carbon emissions by 40% by 2030, according to a one-page fact sheet. For the first time, Medicare would be empowered to negotiate the prices of certain medications, and it would cap out-of-pocket costs at $2,000 for those enrolled in Medicare drug plans. It would also extend expiring enhanced subsidies for Affordable Care Act coverage for three years.

The announcement comes at a crucial time for Congress, as the Senate is a little over a week away from starting a monthlong recess, when many Democrats will campaign for reelection. The news also came several hours after the Senate passed a separate bill to invest $52 billion in US manufacturing of semiconductors, sending it to the House to consider as soon as this week.

Notably, Senate Minority Leader Mitch McConnell had previously vowed to try to halt passage of the semiconductor bill if Democrats continued to pursue their party-line bill on climate and drug prices.