Democrats pushed an election-year economic package toward Senate approval early Sunday, a less ambitious domestic vision than President Joe Biden’s original vision to slow global warming and ease drug costs. and debated a bill that touched on a deep-seated Party dream of taxing giant corporations.
When Democrats defeated unanimous Republican opposition and rode Vice President Kamala Harris’ tie, voting 51 to 50 to open debate, the bill went through its first trial in an evenly divided Congress. cleared. The House was due to return on Friday as Democrats hope to get final approval from Congress.
“It will keep inflation down. It will lower the cost of prescription drugs. It will fight climate change. (DN.Y.) said about this package. “It will help every citizen in this country and make America a better place.”
Republicans said the move would undermine an economy where policymakers are struggling to keep it from plummeting into recession. They said the bill’s business tax would stifle job creation, send prices skyrocketing and make it harder for people to cope with the worst inflation since the 1980s.
“Democrats have already robbed American families with inflation, and now their solution is to rob American families a second time,” said Senate Minority Leader Mitch McConnell. Kentucky Republicans argued. He said the bill’s spending and tax hikes would eliminate jobs while having little impact on inflation and climate change.
Bipartisan analysts say the Democrats’ “inflation-cutting bill” will have little impact on the surge in consumer prices. The bill is just under a tenth of the size of Biden’s rainbow of $3.5 trillion progressive ambitions in his first decade and a universal preschool. It abandons proposals such as education, paid family leave, and expanded childcare assistance.
Still, the new bill provides a campaign-season showcase for Democrats to act toward their coveted goals. near), empowering Medicare to negotiate drug prices and extending the life of subsidies that enable 13 million people to have health insurance.
Biden’s original measures collapsed after conservative Senator Joe Manchin (DW.Va.) objected as they were too costly and would accelerate inflation.
In the ordeal of all budget bills like this one, the Senate has been caught in a hours-long “voting rama” of rapid amendments. Each tested the Democrats’ ability to work out the compromises negotiated by Schumer, Progressive Manchin, the enigmatic centrist Senator Kirsten Cinema, and D-Ariz.
Progressive Senator Bernie Sanders (I-Vt.) proposed amendments to further expand the health benefits of the law, but those efforts failed. But most of the proposed changes were made to help Republicans unravel the bill or force Democrats to vote in dangerous political situations.
One Republican proposal would have forced the Biden administration to continue pandemic-cited Trump-era restrictions to reduce the flow of immigrants across the Southwest border.
Earlier this year, Democrats facing a tough re-election backed such an extension, and when Republicans linked the two issues, the party was forced to end its push on COVID-19 spending. Democrats rallied against border controls, with far greater economic legislation at stake and elections looming.
Other Republican amendments would have required more gas and oil leases on federal land and would have prevented the renewal of oil tariffs to fund cleanup of toxic waste. All were rejected in internal ballots. Republicans accused Democrats of complacency in border security and opening the door to rising energy and gas costs.
The bill’s prescription drug price restraints were diluted by bipartisan members of the Senate before the debate began on Saturday. Elisabeth McDonough, refereeing questions on the Chamber’s proceedings, said the clause that imposes hefty fines on pharmaceutical companies whose price increases at private insurers outweigh inflation should be abolished.
This was the bill’s primary protection for the 180 million people who have private health insurance through work or through their own purchases. Under a special procedure that allows Democrats to pass bills with a simple majority without the usual margin of 60 votes, that provision should focus more on budget figures in dollars and cents than on policy changes.
But the impetus for their pharmaceutical pricing language remained. This includes negotiating how much Medicare pays its 64 million elderly beneficiaries for medicines, imposing penalties on manufacturers who exceed inflation on drugs sold to Medicare, It included a cap of $2,000 annually.
The bill also limits a patient’s cost of insulin, an expensive diabetes drug, to $35 a month.
The final cost of the bill, which had been recalculated to reflect recent changes, would collectively raise more than $700 billion over 10 years. The funds will impose a 15% minimum tax on a small number of companies with more than $1 billion in annual profits, a 1% tax on companies that buy back their own shares, strengthen IRS tax collection, and help the government reduce drug costs. can be obtained by reducing and saving tax.
Cinema has forced Democrats to drop plans to prevent wealthy hedge fund managers from paying incomes below their personal income tax rate. She also worked with other Western senators to help combat drought in the region, earning her $4 billion.
Where the compromise between progressives and Manchin, an advocate of fossil fuels and his state’s coal industry, was most evident was on the energy and environmental front.
Clean energy is promoted through tax credits for the purchase of electric vehicles and the manufacture of solar panels and wind turbines. Funds will be provided for home energy rebates, to build factories that build clean energy technologies, and to promote climate-friendly farming practices and reduce pollution in minority communities.
Manchin calls for billions to help power plants cut carbon emissions, as well as demanding more government auctions for oil drilling on federal land and waters Party leaders have also pledged to push for another law this fall to accelerate the approval of energy projects. Manchin wants his state to include a nearly completed natural gas pipeline.