The Senate on Saturday evening voted to formally proceed on the Inflation Reduction Act, Democrats' sweeping climate change, health care and tax bill.
, which would lower prices on some prescription drugs, extend Affordable Care Act subsidies for two years, invest $369 billion in fighting climate change and energy production and pay down the federal deficit by $300 billion.
At a press conference on Friday, Schumer confirmed reports that the new measure will include an excise tax on stock buybacks, which will bring in an estimated $74 billion in revenue – much higher than the $14 billion the carried interest provision would raise. Schumer said that "a good number of progressive legislators" were excited by the new tax on stock buybacks.
"For the first time, Medicare will finally be allowed to negotiate prescription drug prices, seniors will have free vaccines and their costs capped," Leader Schumer said Saturday, adding: "We have a bill before us that can win the support of all 50 Democrats," Schumer added. She approved a provision requiring union-scale wages to be paid if energy efficiency projects are to qualify for tax credits, and another that would limit electric vehicle tax credits to those cars and trucks assembled in the United States.
Sinema had also reportedly pushed for drought resilience funding to be added to the sweeping bill. Fellow Arizona Sen. Mark Kelly, along with Nevada Sen. Catherine Cortez Masto and Colorado Sen. Michael Bennet – all of whom are up for re-election in November – announced $4 billion in drought funding late Friday afternoon.
"We're delivering lower prices on prescription drugs, we're delivering lower energy costs, including your electric bill going down, and we're delivering on deficit reduction, as well as tax fairness," he said. "This is a very, very, very big deal.
Assuming universal Republican opposition, the measure needs the support of all 50 Senate Democrats, along with Vice President Kamala Harris’ tie breaking vote, in order to pass the bill using the chamber’s budget reconciliation process, which allows for certain measures to pass with a simple majority instead of the 60-vote filibuster threshold.
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