By a vote of 51-50 — with Vice President Kamala Harris breaking the tie — senators OK’d the package and sent it on to the House. Biden on Friday called the bill “a game changer for working families and our economy,” as he also hailed a stronger-than-expected jobs report.

The package would pump billions of dollars into climate and healthcare programs over the next decade. No Republicans voted ‘yes’ as GOP senators argued the measure wouldn’t address soaring inflation. A late deal to attract pivotal Democrat Kyrsten Sinema of Arizona resulted in an effort to close the so-called carried-interest loophole.

Democrats are facing a tough midterm-election environment amid soaring inflation. The package will allow them to appeal to voters weary of paying higher prices for gasoline, food and other items. The bill is named the Inflation Reduction Act — though economists are divided on how much it would actually attack inflation.

The Senate parliamentarian said lawmakers had to remove language that would have slapped penalties on drug makers that boost their prices beyond inflation in the private insurance market. Still, after the rules arbiter weighed in, the bill was left mostly unchanged. The White House trumpeted it as the Senate began voting Saturday afternoon.

“Who in their right mind wants to tax and spend during a recession?” asked Sen. Lindsey Graham, a South Carolina Republican. “While Democrat tax hikes hit Americans of all incomes, their proposed benefits are targeted at a privileged few,” Grassley charged.
Posted by WA wagmi
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