Senate Majority Leader Chuck Schumer (D-NY) announced Thursday that Democrats plan to hold the first procedural vote Saturday afternoon on their health care, climate and tax bill.
The legislation, called the Inflation Reduction Act of 2022, is not ready yet. Lawmakers reportedly continue to meet with the Senate parliamentarian to review the bill’s provisions and ensure they meet the special requirements for budget reconciliation, the process Democrats want to use to avoid the threat of a Republican filibuster. Additional meetings with the parliamentarian are reportedly set for Friday.
At the same time, Democrats are still working to lock down the support of Sen. Kyrsten Sinema (D-AZ), the centrist holdout who is reportedly seeking to remove the bill’s provision to close the carried-interest loophole, a measure that is projected to raise $14 billion in revenue over 10 years. Sinema reportedly is also looking to add about $5 billion in funding to combat droughts to the package. The Wall Street Journal’s Andrew Duehren reports that aides are also preparing for changes to the bill’s 15% minimum tax on large corporations with profits that top $1 billion.
Schumer’s announcement of an initial procedural vote Saturday afternoon sets a deadline of sorts for Sinema and Sen. Joe Manchin (D-WV) to finalize the bill ahead of what promises to be a lengthy floor debate of up to 20 hours followed by a “vote-a-rama,” a series of amendment votes with no set time limit.
The bottom line: Democrats still have some hurdles to clear, but final Senate passage of the Inflation Reduction Act could come as soon as Sunday night.