WASHINGTON - Republicans disputed the claim from Sen. Joe Manchin that the legislative deal he struck with Senate Majority Leader Chuck Schumer last week does not include a tax increase.

Manchin, D-W.Va., said the Inflation Reduction Act does not increase taxes, but rather closes a "loophole" with corporate taxes by establishing a 15% minimum rate. He added that he was not aware that some corporations were not paying at the 21% rate established in 2017.

"We never raised any taxes. We're just saying close the loopholes and collect the taxes that are owed to the Treasury and the United States people," Manchin said on CNN's "State of the Union."

"Yeah, much of what he says is just not true," Sen. Bill Cassidy, R-La., responded on ABC News' "This Week" when asked about many of the bill's provisions as described by the West Virginia senator.

Sen. Pat Toomey, R-Pa., said the legislation does the opposite of what Manchin said.

"Well, it's gonna make inflation worse, actually," Toomey said. "So, they've got a big corporate tax increase that's going to probably make this recession that we're in worse. All of this spending is unnecessary. It's going to exacerbate inflation. It is not going to reduce the deficit."

Manchin and Schumer, D-N.Y., announced Wednesday they reached an agreement on the legislation that would reduce prescription drug costs, bring down carbon emission costs and lessen the federal deficit.

The Inflation Reduction Act would permit Medicare to negotiate prescription drug prices, reduce the federal deficit by about $300 billion over the next decade, extend the Affordable Care Act until 2025, and invest in domestic energy production and manufacturing, and lower carbon emissions about 40% by 2030.

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On "Fox News Sunday," Manchin said he was "extra cautious," that the bill would not raise inflation.The bill could salvage parts of President Joe Biden's stalled domestic agenda. Manchin gave Biden credit for supporting the legislation, and said it wouldn't have been possible without his involvement.

Biden applauded the deal, calling it "historic" in part because it's expected to lower health insurance costs for 13 million Americans, by an average of $800 a year, for families that are under the Affordable Care Act.

Contributing: Katie Wadington, Joey Garrison, Ledge King

This article originally appeared on USA TODAY: Toomey, Cassidy dispute Manchin claim, say inflation bill raises taxes