US Inflation Reduction Act passes in Senate

US Inflation Reduction Act passes in Senate

The Senate passes the US inflation reduction act. The senate working through the weekend as democrats look to pass their sweeping climate, tax, and healthcare package. The amendment process known as voterama began on Saturday night continuing on Sunday with senators voting on a series of amendments ahead of the final vote on the inflation Reduction Act. Using special Senate Budget rules, democrats needed just a simple majority to pass the bill and they had no votes to spare.

The Senate is equally divided. The Vice President votes in the affirmative and the bill as amended, is passed. Senator Bernie Sanders with five last-minute amendments, hoping to push the bill further on fossil fuels, prescription drugs, and healthcare, but those amendments fail as Democrats remain united to pass the bill.

Senator Chuck Schumer said, “We argue later. Every member of my caucus is elated about what happened because we’ve really we’ve changed the world”.

The legislation will make the biggest single investment in clean energy and in the nation’s history allow Medicare to negotiate some prescription prices set a $2,000 annual cap on drug costs for seniors and lock in a minimum corporate tax rate of 15%.

Senator Chris Coons said, “This is going to reduce the costs that hit American families in their pocketbook prescription drug cost, health care costs, energy costs, it’s going to make for a more secure and stable and clearer and more affordable future for American families”.

But Republicans disagree.

Senator Mike Rounds said, “How they talk about it being among big corporations but big corporations raise prices. They do pass it all down. So from our perspective, we will see those tax increases coming down the line. And Americans are going to feel it.

With only three months till the midterms, democrats hope to get the bill to President Biden’s desk as quickly as possible.

US Inflation Reduction Act passes in Senate