The Senate voted along party lines Saturday afternoon to advance a sweeping bill to reform the tax code, tackle climate change and lower the cost of prescription drugs, taking a big step closer to giving President Biden a major victory.
The Senate voted 51-50 to proceed to the bill after the Vice President cast the tie-breaking vote.
The vote puts the bill on a path to pass the Senate on Sunday, assuming no unforeseen setbacks.
Schumer hailed the bill as a major accomplishment.
This historic piece of legislation needs to be debated by the Senate. Schumer said on the floor moments before the vote that the bill was for families struggling to pay the bills, seniors struggling to pay for medication, and kids struggling with asthma.
He promised that the bill would fight climate change, fight tax loopholes, and reduce inflation.
There will be 20 hours of debate to be divided evenly between Democrats and Republicans after the procedural vote.
The members of both parties think they will be able to move more quickly to consider amendments.
Between 40 and 50 amendments are expected to be voted on.
Sometime Sunday, a final vote will take place.
The legislation will kill American jobs and hammer our manufacturing sector, according to McConnell.
He said that allowing Medicare to negotiate lower drug prices will hurt research and development.
He said that the policy would bring about a world where less drugs and treatments are invented.
Republicans want to cause a lot of political damage to vulnerable Democrats by forcing votes on issues such as border security and domestic energy production.
Democrats have a plan to get Republicans to vote against capping the out-of-pocket costs of diabetes care.
They plan to challenge a ruling by the Senate parliamentarian against a provision that would cap the price of diabetes drugs. Republicans who vote to sustain an objection to the provision undermine an effort to fight inflation and help Americans with diabetes, according to Democrats.
The legislation will raise $740 billion by implementing a 15 percent corporate minimum tax, empowering Medicare to negotiate lower prescription drug prices, and imposing a 1 percent excise tax on stock purchases.
After receiving an updated analysis of the bill from the CBO, the Senate voted Saturday to begin debate on the inflation reduction act. The bill will reduce the deficit by $100 billion over the next ten years, according to the CBO.
The bill will shrink the deficit by more than $300 billion over the next decade, according to Schumer and Manchin.
Full expensing deductions for businesses across all sectors will not be affected by the corporate minimum tax.
Giving Medicare authority to negotiate lower drug prices is projected to save the government $288 billion over the next decade.
Improving operations at the IRS will bring in another $124 billion in revenue.
Climate change and energy security programs would cost $369 billion.
Money for consumer home energy rebates, grants to make affordable housing more energy efficient and tax credits to accelerate domestic manufacturing of solar panels, wind turbine and batteries would be provided.
The bill provides generous tax credits to buy new and used electric vehicles, but critics say those credits can't be used immediately as they don't apply to vehicles with batteries made in China or reliant on Chinese minerals.
It would cost $64 billion to extend the health insurance premium subsidies.
A group of Senate Democrats worked Saturday afternoon to convince their colleagues to vote against supporting any amendments to the bill, as it could upset the delicate compromise negotiated by Schumer and the two centrists who held out for months.
I don't want to vote for amendments. I want this bill to be out of here. It is too crucial.
According to the Chairman of the Senate Budget Committee, an amendment will be offered that will raise $900 billion over the next 10 years.
He wants to use the money to expand Medicare and lower the eligibility age to 60.
The Hill has the latest news and video.
All Rights Reserved © 2024
