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Sen. Kyrsten Sinema signs off on Democrats’ big agenda bill, paving the way for Senate passage

Senator Kirsten Senema signed sweeping Democratic legislation Thursday that addresses climate change, health care and taxes, all but to ensure the bill passes in the Senate.

The Arizona Democrat said her support came after Democrats scrapped a provision on closing a so-called carry-on interest tax loophole that helps wealthy private equity and hedge fund managers pay lower taxes.

“We have agreed to eliminate the carryover interest tax provision, protect advanced manufacturing, and promote our clean energy economy in the Senate Budget Reconciliation Legislation,” Sinema said in a statement Thursday. “

Cinema’s comments on the bill, known as the Inflation Reduction Act, come after it won the approval of Senator Joe Manchin of West Virginia, another moderate Democrat. It was seen as the last obstacle to moving forward with the legislation.

Cinema has long opposed a clause in the deal Manchin struck with Senate Majority Leader Chuck Schumer, which has sought change, and has been the subject of interest.

In its statement Thursday, Sinema said it hopes to “enact interest tax reforms, protect investments in the US economy and encourage continued growth while closing the most egregious loopholes that some abuse to avoid paying taxes.”

Democrats are aiming to pass the legislation before the August recess in an effort to revive elements of President Joe Biden’s agenda ahead of the midterm elections.

“I am pleased to report that we have reached agreement on the Inflation Reduction Act that I believe will have the support of the entire Senate Democratic convention,” Schumer said in a statement Thursday. Introduced on Saturday, this action will reflect and put us another step towards enacting this landmark piece of legislation into law.”

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