J. Scott Applewhite / AP
Arizona Senator Kyrsten Sinema announced late Thursday that she will “move ahead” with the Democratic Party’s huge climate, prescription drugs and spending receiptafter Democrats appeared to reach agreement on Sinema’s concerns with the law.
Sinema’s announcement all but locked the bill for Democrats, who need all 50 Democratic votes for the bill to pass, with an adverse vote from Vice President Kamala Harris. The act strengthens key parts of President Biden’s domestic agenda.
In a statement, Sinema said, “We have agreed to eliminate the interest rate tax provision, protect advanced manufacturing, and promote our clean energy economy in line with budgetary legislation. of the Senate. Subject to the congressman’s consideration, I will continue.”
In recent days, Sinema has expressed concern about part of the bill on downsizing real interest rate tax loopholes. Democrats say the measure would add about $14 billion in additional funding.
In the deal, Sinema can also secure increased funding to support drought resilience and a 1% excise tax on share buybacks, according to a source familiar with the deal.
Majority Leader Chuck Schumer said in a statement that the agreement reached among Democratic senators maintains key components of the bill.
“I am pleased to announce that we have reached an agreement on Inflation Reduction Act that I believe will have the full support of the Senate Democratic convention,” Schumer said.
“I’ve had many productive discussions with members of our conference over the past three days, and we’ve addressed some of the important issues they’ve raised.”
Schumer added that the final bill will be introduced on Saturday, when the Senate meets again.
President Biden, in a statement late Thursday, said “we have taken another important step to reduce inflation and the cost of living for families in America.”
“I expect the Senate to consider this legislation and pass it as soon as possible,” Biden said in a statement from the White House.
The law is being passed through a budget adjustment process that bypasses the 60 votes typically needed to pass a bill. The senator is still working on the text to ensure that the law can be voted on through the mediation process.
When the bill is introduced to the floor – which Schumer said will take place Saturday afternoon – there will begin up to 20 hours of debate, split evenly between Democrats and Republicans.
After debate on the bill is over, the process known as a-a-rama voting begins and senators can introduce as many amendments as they like, a process that often takes place at night.