Democrats Plan Saturday Vote On Inflation Reduction Act

by | Aug 4, 2022 | Politics

WASHINGTON ― Senate Democrats plan to hold a procedural vote Saturday on their major domestic policy bill known as the Inflation Reduction Act, Senate Majority Leader Chuck Schumer (D-N.Y.) announced Thursday. If all 50 Senate Democrats vote to advance the measure, the soonest the bill could get a final vote is early next week.AdvertisementThe legislation would allow Medicare to negotiate with the pharmaceutical industry for lower prescription drug prices, a hugely popular policy change that Democrats have sought for years. The bill would invest more than $300 billion in green energy grants and tax incentives, and ultimately save the government hundreds of billions by funding stricter IRS enforcement and imposing a new minimum tax on the most profitable corporations. Its passage would cap an unusually productive session of Congress and give President Joe Biden a major victory ahead of the November midterm elections. “We have big stuff here,” Sen. Ron Wyden (D-Ore.) told HuffPost on Thursday. But Democrats have yet to secure the support of Sen. Kyrsten Sinema (D-Ariz.), who is reportedly pushing to make changes, including eliminating a provision that would tighten a tax loophole associated with hedge fund managers and private equity executives. Sinema declined to speak to reporters Thursday. She was spotted deep in conversation on the Senate floor with Sen. Joe Manchin (D-W.Va.), who largely wrote the bill in secret negotiations with Schumer. AdvertisementSen. Bernie Sanders (I-Vt.) has also said he’s disappointed by the prescription drug provision, but has stopped short of saying he’d vote no. “I want to see it improved,” he told reporters Thursday.Another obstacle is the Senate parliamentarian ― a behind-the-scenes Senate official who decides whether the bill’s various provisions are allowed under the Senate’s arcane “budget reconciliation” process. Reconciliation allows Democrats to pass their bill with a simple majority, meaning that if all 50 Democrats agree, they don’t need a single Republican vote. Policies deemed “extraneous” by the parliamentarian under reconciliation rules have to be thrown out. The parliamentarian forced Democrats to ditch a federal minimum wage increase as part of a reconciliation bill last year. GOP senators have lodged objections to just about every provision in the bill with the parliamentarian in hopes of killing or substantially weakening its structure. Democrats are still waiting to hear on the fate of their prescription drug proposal as well as several revenue provisions. Wyden, …

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