Senate Democrats notched a major legislative win over the weekend, passing a massive $740 billion spending bill with the assistance of the allegedly moderate Democrat senators Krysten Sinema and Joe Manchin.
As The Daily Caller reports:
The package, negotiated by Democratic Sens. Joe Manchin of West Virginia and Chuck Schumer of New York, passed along party lines, with Vice President Kamala Harris breaking the upper chamber’s 50-50 tie. The bill includes nearly $370 billion in green energy subsidies and tax credits, nearly $80 billion in funding for the Internal Revenue Service and a drug price setting mechanism for Medicare. It also establishes a 15% tax on corporations with market caps higher than $1 billion.
Although Democrats have repeatedly argued that the bill will reduce inflation, the University of Pennsylvania’s Penn Wharton Budget Model has “low confidence that the legislation will have any impact on inflation.” In addition, the bill will likely raise taxes for Americans in every bracket, despite President Joe Biden’s pledge to not raise taxes on anyone making less than $400,000 a year. The Inflation Reduction Act will pay down the federal deficit by more than $300 billion, the non-partisan Committee for a Responsible Federal Budget found.
Senators voted down 35 amendments and passed two, with the 48 Democrats and Independent Angus King of Maine agreeing that they would oppose all amendments offered during vote-a-rama to offer the legislation its best chance of passing. Independent Vermont Sen. Bernie Sanders objected to the agreement, offering amendments that would restructure the child tax credit, but his proposal failed 97-1.
“They’re great amendments. I’m very happy and I think it says something that every Democrat and Republican voted against them. It says I’m doing something right,” Sanders complained, according to Politico. “I’m fighting for you. I think that should be the message — not to come up with a convoluted reason you can’t vote for it.”
The House is expected to take up the bill after it returns from recess and is expected to pass it along a party line vote.