Washington (AFP) – Democrats pushing an election-year economic package toward Senate approval early Sunday debated a measure with less ambition than President Joe Biden’s original domestic vision But it touches the party’s rooted dreams of slowing global warming, and reducing drug costs Imposing taxes on large corporations.
The legislation removed its first test in the evenly divided chamber when Democrats unanimously bypassed the Republican opposition They voted to start the debate 51-50, reversing the split vote for Vice President Kamala Harris. The House plans to return Friday to what Democrats hope will be final approval from Congress.
It will reduce inflation. It will reduce the costs of prescription drugs. You will fight climate change. Senate Majority Leader Chuck Schumer, DNY, said of the package: It will close tax loopholes and reduce and decrease the deficit. “It will help every citizen of this country and make America a much better place.”
Republicans said the measure would undermine the economy, which policymakers are struggling to avoid sliding into recession. They said the business taxes in the bill would hurt job creation and drive up prices, making it difficult for people to deal with the worst inflation in the country. since the eighties.
Senate Minority Leader Mitch McConnell, of Kentucky, argued, “Democrats already robbed American families once through inflation, and now their solution is to rob American families again.” He said the spending and tax increases in the legislation would eliminate jobs with little impact on inflation and climate change.
Nonpartisan analysts said the Democrats’ “Inflation Cut Act” would have little effect on rising consumer prices. The bill is barely more than a tenth the size of Biden’s initial 10-year rainbow, $3.5 trillion of progressive aspirations and is ditching his proposals for preschool for all, paid family leave, and expanded childcare assistance.
However, the new measure gives Democrats a bid for the campaign season to act on the desired goals. It includes the largest-ever federal effort on climate change — nearly $400 billion — that gives Medicare the ability to negotiate drug prices and extends expiring benefits that help 13 million people afford health insurance.
Biden’s original measure collapsed after conservative Senator Joe Manchin, of DW.Va, argued that it was too costly and would fuel inflation.
In an ordeal imposed on all budget bills like this, the Senate slipped into a “rama vote” for an hour of swift amendments. Each tested the Democrats’ ability to sustain a settlement negotiated by Schumer, the Progressives, and Munchen and the mysterious centrist senator Kirsten Sinema D-Ariz.
Presentation of Progressive Senator Bernie Sanders, I-Vt. , amendments to further expand the health benefits of the legislation, these efforts have been unsuccessful. But most of the proposed changes were drafted by Republicans to expose the bill or force Democrats to vote on dangerous political terrain.
One GOP proposal could have forced the Biden administration to continue Trump-era restrictions that cited the pandemic to limit the flow of immigrants across the southwestern border.
Earlier this year, Democrats facing reelection backed such an extension, forcing the party to drop its push to spend on COVID-19 when Republicans combined the two issues. This time, with much greater economic legislation at stake and the election date approaching, Democrats rallied against border controls.
Other GOP amendments required more gas and oil leases on federal lands and prevented the rollover of oil fees that help fund toxic waste cleanups. All votes on the party line were rejected. Republicans accused Democrats of being lax on border security and opening the door to rising energy and gas costs.
Before the debate began on Saturday, restrictions on prescription drug prices were eased by the nonpartisan member of parliament in the Senate. Elizabeth McDonough, who has judged questions about the chamber’s actions, said a provision that imposes heavy penalties on drug companies whose prices for private insurance companies exceed inflation should be dropped.
This was the bill’s main protection for the 180 million people with private health coverage they get by working or buying themselves. Under special procedures that would allow Democrats to pass their bill by a simple majority without the usual 60-vote margin, its provisions should focus more on budget dollar and cent numbers than policy changes.
But the general trend of pharmaceutical price language remained. This included allowing Medicare to negotiate what it pays for drugs to its 64 million elderly beneficiaries, penalizing manufacturers for inflation-inflation for drugs sold to Medicare and limiting out-of-pocket drug costs to recipients of $2,000 annually.
The bill also specifies the costs of insulin borne by patientsExpensive Diabetes Medication, $35 a month.
The final costs of the procedure have been recalculated to reflect the overdue changes, but overall will raise more than $700 billion over a decade. The money will come from a 15% minimum tax on a handful of companies with annual profits over $1 billion, a 1% tax on companies buying back their stock, and the IRS tax collection. Government savings from lower drug costs.
Sinema forced Democrats to abandon a plan to prevent wealthy hedge fund managers from paying below individual income tax rates on their earnings. She also joined with other Western senators to earn $4 billion to combat drought in the region.
The concession was most pronounced on the energy and environmental side between the Progressives and Mansion, the fossil fuel and coal industry champion in his state.
Clean energy will be promoted through tax credits for the purchase of electric cars and the manufacture of solar panels and wind turbines. There will be discounts on household energy, money to build clean energy technology plants, and money to promote climate-friendly agricultural practices and reduce pollution in minority communities.
Manchin won billions to help power plants cut carbon emissions as well as language requiring more government auctions to drill for oil on federal lands and waters. Party leaders also promised to push separate legislation this fall to speed up permitting for energy projects, which Manchin wants to include in his state’s nearly completed natural gas pipeline.