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.
Sen. Kyrsten Sinema arrives for a meeting of the Senate Homeland Security Committee at the Capitol, Aug. 3, 2022.With the Senate Democrats' last remaining holdout -- Arizona Sen. Kyrsten Sinema -- tentatively signing onto a $739 billion modified, her party leaders are looking forward to a first procedural vote on their historic tax, climate and drug-pricing bill as early as Saturday.
Sen. Kyrsten Sinema arrives for a meeting of the Senate Homeland Security Committee at the Capitol, Aug. 3, 2022.The current proposed text aims to increase job creation, raise taxes on large corporations and the mega-wealthy, allows the government to negotiate prices of prescription drugs to lower costs, expands the Affordable Care Act health care program and invests in addressing climate change with measure such as extending tax credits for clean energy initiatives.
Senate Majority Leader Chuck Schumer holds a news conference to tout the a $430 billion drug pricing, energy and tax bill championed by Democrats at the Capitol, Aug. 5, 2022.Sinema said she is still waiting to see the results of a scrub by the Senate's non-partisan rule keeper before signing off, but if Schumer can keep his caucus together and pass this bill, it will be a big win for democratic leaders ahead of a hotly-contested upcoming midterm cycle.
Sinema sought changes to the Inflation Reduction Act specifically for the removal of the "carried interest" loophole provision. "We remain skeptical and will be reviewing the revised legislation carefully," National Association of Manufacturers President and CEO Jay Timmons said in a statement. "We cannot afford to undermine manufacturing competitiveness.
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