The Senate's parliamentarian on Saturday gave the green light to most of Democrats' prescription drug pricing plan – including letting Medicare negotiate on the price for prescription drugs and capping out-of-pocket expenses.
PUBLISHED 5:15 PM EDT Aug. 04, 2022The Senate's parliamentarian on Saturday gave the green light to most of Democrats' prescription drug pricing plan – including letting Medicare negotiate on the price for prescription drugs and capping out-of-pocket expenses – giving the president's party a win as they start to consider the bill later in the afternoon.
Arizona Sen. Kyrsten Sinema announced last week that she will support the bill after reaching an agreement on modifying certain provisions, giving Democrats the support of their full 50-person caucus "Now that our meetings with the parliamentarian have largely concluded, we have a bill before us that can win the support of all 50 Democrats," Schumer said on the Senate floor.
Lawmakers are still awaiting rulings from the parliamentarian from a number of its other provisions before beginning consideration the bill later Saturday afternoon. The Senate will begin the lengthy process of considering the measure on Saturday. The House of Representatives will return to Washington on Friday, Aug. 12 to give final passage of the bill, Majority Leader Steny Hoyer, D-Md., announced Friday.
"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.
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.
"Then you have also some climate resiliency work that's going on there," he continued. "You have a tax change that's going to see money coming back into the American economy quick that's going to reduce the deficit. So there'll be some parts that I think it'll be six months for the whole bill is working the way it needs to be."
Sen. John Thune, R-S.D., a member of Senate GOP leadership, pledged "hard" votes, with the goal of trying to win the support of Sens. Sinema or Manchin on amendment votes to try and change or sink the bill.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Senate will take up Democrats' tax, climate and health bill on Saturday, Schumer saysDemocrats are trying to pass the bill under a process that would allow them to avoid a Republican filibuster. All 50 Democratic senators will need to vote for the bill in order for it to pass, with a tie-breaking vote from Vice President Kamala Harris.
Read more »
Sinema Backs Democrats’ Climate and Tax Bill, Paving Way for Senate PassageSen. Kyrsten Sinema (D-Ariz.) reached a deal with fellow Democrats to support their climate, healthcare and tax bill. See potential bias and similarities in coverage from axios, nytimes and FoxNews: KyrstenSinema InflationReductionAct
Read more »
Sinema says she will move forward with Senate Democrats' climate, health and tax billDemocratic Sen. Kyrsten Sinema announced she will 'move forward' with Democrats' massive climate, prescription drug and spending bill after Democrats removed a portion of the bill narrowing the carried interest tax loophole and made other changes.
Read more »
What's in the Senate Democrats' landmark 'Inflation Reduction Act'?If all Democrats stick together, they'll be able to clear the hefty legislative package by their razor-thin majority and avoid a Republican threat of a filibuster.
Read more »
Democrats call Senate candidate Masters dangerousWhether the Arizona Senate seat stays with Democratic incumbent Mark Kelly or flips to Republican challenger Blake Masters could decide which party holds the majority—and the power in the U.S. Senate.
Read more »
Senate Democrats avoid COVID-19 testing ahead of key voteSenate Democrats reportedly have an unspoken agreement to avoid testing for COVID-19 because their hopes of passing the Inflation Reduction Act depend on all 50 members being present in the chamber in the days ahead.
Read more »