As the Senate Democrats prepare to start a marathon session, they will vote in a complex process to pass a $433 million climate and spending package.
The so-called “vote-a-rama” will allow Senators from both parties to offer unlimited amendments to the final bill after debate has closed. Many amendments will be presented and voted on in fast-fire sessions.
The rules of reconciliation require the vote, which allows Democrats the ability to end-run Republican filibusters by passing the bill with a simple majority.
Senate Democrats have been working hard for months to create a bill that would win the support of all 50 members. This week, a final deal was reached and the vote -a-rama will begin Saturday evening or early on Sunday.
Republicans have promised to make it painful, forcing Democrats to potentially embarrassing votes ahead a tough midterm election in November.
“What will vote-a-rama be like? It will be like hell,” Sen. Lindsey Graham (R-South Carolina), said in a press conference Thursday, Fox News reported. “They deserve this.”
The Democrat’s left flank may also cause trouble. Sen Bernie Sanders (I-Vermont) said he plans to offer a number of politically perilous left wing goodies — including lowering the age of Medicare eligibility to 60.
Though he won’t stand in the way of overall passage, Sanders has said the current bill “does virtually nothing to address the enormous crises that working families all across this country are facing today,” The Hill reported.
The lion’s share of new spending, $369 billion, will go toward a raft of energy and climate provisions, including $62 billion to support manufacturing of solar panels, wind turbines, batteries, electric cars and process critical minerals. There will be $60 billion for “environmental justice” including projects in “disadvantaged communities,” $30 billion green-energy projects by states and electric utilities, $27 billion for “clean energy technology accelerator” to reduce emissions and $20 billion to support “climate-smart agriculture practices.”
Americans who want to buy an electric car for the first time will be eligible to receive a $7500 tax credit, and a $4,000 credit if they purchase used models.
The bill is expected reduce the deficit by paying $764 billion in new taxes.
A 15% corporate minimum tax, prescription price reform, and increased IRS enforcement are just a few of the revenue generators.
The bill’s provisions must also be signed off on by Elizabeth MacDonough, the Senate parliamentarian.
MacDonough ruled Saturday morning that most of the prescription reform plan was kosher. However, he omitted a section that would penalize drug companies if they raise prices for those who have private insurance policies.
“This is a major victory for the American people,” Senate Majority Leader Chuck Schumer (D-New York) said in a statement, Politico reported. “While there was one unfortunate ruling … the overall program remains intact and we are one step closer to finally taking on Big Pharma and lowering Rx drug prices for millions of Americans.”
PREDICTED TOTAL RECORD: Around $764 Billion
Setting 15% Corporate Minimum Tax — $258 billion
Prescription Drug Price Reform — $288 billion
— Allows Medicare to negotiate prices, caps out-of-pocket costs at $2,000
Increased IRS Tax Enforcement — $125 billion
— Dependent on $80 billion expenditure across 10 years to reach net revenue
New stock buyback tax — $73 billion
— 1% excise tax on corporate stocks buybacks, proposed by Sen. Kyrsten Sinema
Fee on methane leaks — $20 billion
PREDICTED TOTAL SPAINS: $433 billion
Energy and Climate Provisions: $369 Billion
–$7.5K tax credits for buyers of new electric vehicles, $4K for used models
–$62 billion to support manufacturing of solar panels, wind turbines, batteries, electric cars and process critical minerals
–$60 billion for ‘environmental justice’ including projects in ‘disadvantaged communities’
–$30 billion green-energy projects by states and electric utilities
–$27 billion for ‘clean energy technology accelerator’ to reduce emissions
–$20 billion to support ‘climate-smart agriculture practices’
–$10 billion in low-income home energy rebates and grants for affordable housing retrofits
–$9 billion for federal clean-energy purchases, including $3 billion for USPS electric vehicles
–$7.6 billion in grants to support forest conservation, plant trees and restore coastlines
Healthcare Provisions: $64 Billon
–Extension of COVID-era Affordable Care Act subsidies through 2025, allowing people earning up to 150% of poverty level to get health insurance for $0. Higher earners may be eligible for coverage up to 8.5% of their income
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