More than a year after starting negotiations on the legislation, Senate Democrats have finally got all 50 members on board on a budget settlement bill that would fund several of President Joe Biden’s key priorities and put them in the Policy wins on climate and health care. midterm elections.
Thursday, Senator Kyrsten Sinema (D-AZ) Said she would support the latest version of the legislation, the Reduced Inflation Act, to clear the way for passage this weekend. Sinema, who has long opposed the bill, is the last member Democrats need to enter the Senate after Sen. Joe Manchin (D-WV) expressed a willingness to move forward.
The bill has also largely passed scrutiny by members of the Senate, a nonpartisan rules expert who determines whether the policies in the bill qualify for the settlement process Democrats want to use. She signed most of its provisions, meaning it could move forward in a settlement process that allows the legislation to pass by just 51 votes — so Republican support is not required.
The next step in Senate passage is a lengthy process of debate and amendments, called a ballot, where any senator can propose additions to the bill and force others to vote against it. It may take a while, but the bill is still on track to pass this weekend.
what’s on the bill
While the legislation is only a fraction of what Democrats initially proposed when they started the process, it still includes substantial investments in climate and major health care and tax proposals.All told, it is expected to include more than $400 billion in spending
Sinema’s support for the bill came with some conditions. In her support statement, she said the legislation would no longer close the incidental interest tax loophole, a change she has long opposed to tax fund managers’ income at the same rate as other income. This provision has been replaced by a 1% excise tax on share repurchases, which is expected to cover revenue from the carried interest provision.
The Act now contains the following provisions:
- health care, Including allowing Medicare to negotiate prescription drug prices and extending ACA subsidies for another three years.
- tax, Includes a new 15% corporate minimum tax, funding for IRS enforcement, and a new 1% excise tax on stock buybacks.
- climate, Includes clean energy tax credits, environmental justice grants, and drought funding.
The folks at Vox have an exhaustive look at how everyone works here.
Now that they’ve got guidance from lawmakers, lawmakers are updating the bill to remove the policy that didn’t pass convocation.
After Democrats have finalized the final version with approval from lawmakers, they can begin the voting process.They will first begin a 20-hour debate on the bill with a procedural vote later on Saturday, and then they will hold a meeting called vote, when any senator can suggest changes to the legislation.Republicans are widely expected to use the amendments to put Democrats on the spot: Last year, for example, they forced Democrats to vote on issues that divided the party, such as Packaging Supreme.
Once the vote is complete, lawmakers can move on to finally pass the bill, possibly as early as Sunday. After the Senate approves the bill, it will head to the House of Representatives, which is expected to vote on it later this month from the August recess.
Democrats also need a majority of their members to join the House of Commons, where they could soon drop to a four-vote advantage. so far, some moderate members Previous opponents of the bill said they were still willing to support the legislation if it did not include reinstating the state and local income tax (SALT) deduction, suggesting the bill is likely to get the support it needs to pass. In addition, progressive members who have opposed the downsizing policy in the past have also broadly expressed support.
“When they send it to us, we’ll pass it,” House Speaker Nancy Pelosi said at a time press conference last week.
Update, August 6th, 3:00pm: This story has been updated to reflect the Senate members’ decision.