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Senate Democrats Pass $740 Billion Climate And Healthcare Reconciliation Package

The Senate passed the $740 billion Inflation Reduction Act on Sunday afternoon after an all-night session lasted a lot more than 15 hours.

The package, negotiated by Democratic Sens. Joe Manchin of West Virginia and Chuck Schumer of NY, passed along party lines, with Vice President Kamala Harris breaking top of the chambers 50-50 tie. The bill includes nearly $370 billion in green energy subsidies and tax credits, nearly $80 billion in funding for the IRSand a drug price setting mechanism for Medicare. In addition, it establishes a 15% tax on corporations with market caps greater than $1 billion.

Although Democrats have repeatedly argued that the bill will certainly reduce inflation, the University of Pennsylvanias Penn Wharton Budget Model has low confidence that the legislation could have any effect on inflation. Furthermore, the bill will probably raise taxes for Americans atlanta divorce attorneys bracket, despite President Joe Bidens pledge never to raise taxes on anyone making significantly less than $400,000 per year. The Inflation Reduction Act can pay down the federal deficit by a lot more than $3o0 billion, the non-partisan Committee for a Responsible Federal Budget found.

Senators voted down 35 amendments and passed two, with the 48 Democrats and Independent Angus King of Maine agreeing they would oppose all amendments offered during vote-a-rama to own legislation its best potential for passing. Independent Vermont Sen. Bernie Sanders objected to the agreement, offering amendments that could restructure the kid tax credit, but his proposal failed 97-1.

Theyre great amendments. Im happy and I believe it says a thing that every Democrat and Republican voted against them. It says Im doing something right, Sanders complained, in accordance with Politico. Im fighting for you personally. I think that needs to be the message never to think of a convoluted reason you cant vote for this.

Biden, whose team previously feuded with Manchin during negotiations, cheered the vote. (RELATED: Joe Manchin Says He Was Ostracized And Victimized Over Killing Build Back Better)

Today, Senate Democrats passed the Inflation Reduction Act, siding with American families over special interests, voting to lessen the price of prescription medications, medical health insurance, and energy and decrease the deficit while making the wealthiest corporations pay their fair share, he said in a statement.

Today, Senate Democrats passed the Inflation Reduction Act, siding with American families over special interests, voting to lessen the price of prescription medications, medical health insurance, and energy and decrease the deficit while making the wealthiest corporations pay their fair share.

Joe Biden (@JoeBiden) August 7, 2022

THE HOME of Representatives will need up the legislation when it gets back from recess on Aug. 12, Majority Leader Steny Hoyer announced. The bill is likely to pass the low chamber along party lines.

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