Senate Democrats passed their long-awaited health care, climate and tax bill Sunday afternoon by a vote of 51-50 with Vice President Kamala Harris cast the tie-breaking vote.
The Inflation Reduction Act (H.R. 5376) invests $369B in energy security and climate change and $64B in extending subsidies for the Affordable Care Act. These costs are offset by the expected $725B in new revenue raised from a 15% minimum tax on large corporations, allowing Medicare to negotiate on prescription drug pricing, and increased IRS tax enforcement. The total deficit reduction of the package is approximately $300B.
The bill now goes to the House, which plans to take it up on Friday. House Speaker Nancy Pelosi (D-CA) only needs a majority vote, but with a 220 (Democrats) to 210 (Republicans) House she has very little margin for error.
Vantage Point Strategies’ Summary of the Inflation Reduction Act https://drive.google.com/file/d/1yC1jKsmLjX3fHD7btg2vYu4lUmP2uaew/view?usp=sharing