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Tags: sanders | senate | schumer | manchin | inflation | bill

Report: Bernie Sanders Could Endanger Dems $700B Inflation Bill

Report: Bernie Sanders Could Endanger Dems $700B Inflation Bill
Senator Bernie Sanders (I-VT) speaks at a campaign rally for Michigan Democratic Reps. Andy Levin and Rashida Tlaib on July 29, 2022 in Pontiac, Michigan. The Michigan Primary is on August 2. (Photo by Bill Pugliano/Getty Images)

By    |   Saturday, 06 August 2022 11:15 AM EDT

Sen. Bernie Sanders, I-Vt., could pose a threat for Democrats trying to pass their $739 billion Inflation Reduction Act this week by offering amendments and forcing his colleagues to vote on them before the bill can pass.

The Hill reported Saturday that the former Democratic presidential candidate will likely use the budget reconciliation process to bring votes on a series of amendments, like a $15 per hour minimum wage, to the floor before the bill can pass the chamber with a simple majority vote.

“Given that this is the last reconciliation bill that we will be considering this year, it is the only opportunity that we have to do something significant to the American people that requires only 50 votes, and that cannot be filibustered,” The Hill reported Sanders saying on the Senate floor.

The bill, a significantly scaled down version of the Democrats' and President Joe Biden’s $3.5 trillion “Build Back Better” legislation, which failed late last year, contains a number of climate change initiatives, and seeks to lower prescription drug prices by allowing Medicare to negotiate prices with pharmaceutical companies, resulting in savings of $288 billion.

It wants to pay for the $433 billion in new spending, as well as more than $300 billion in reducing the country’s deficit, by increasing the corporate tax rate to 15%, raiding an estimated $313 billion of the $739 billion overall revenue increase, according to the Democrats.

In addition to corporations, enhanced Internal Revenue Service collections are expected to generate $124 billion and capping the “carried interest loophole” is expected to bring in another $14 billion.

The bill comes because of a deal between Senate Majority Leader Chuck Schumer, D-N.Y., and Sen. Joe Manchin, D-W.V., who was responsible for the Build Back Better bill’s end last year by not supporting the legislation.

Democrats need all 50 votes to allow Vice President Kamala Harris to cast the tie-breaking 51st vote needed to move it through the chamber.

Because of the reconciliation process being used by Democrats to circumvent the 60-vote filibuster, Senators will have a chance to offer amendments on the legislation which will force floor votes, putting Senators on record in each case.

Republicans are calling the bill a giant tax increase and have said they would not support it, the New York Times reported.

“We just made a deal with Joe Manchin,” Sen. Brian Schatz, D-Hawaii, who had pushed for more expansive climate provisions told the Times. “I don’t think anybody should have expected that this is the bill I would have written.”

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Politics
Sen. Bernie Sanders, I-Vt., could pose a threat for Democrats trying to pass their $739 billion Inflation Reduction Act this week by offering amendments and forcing his colleagues to vote on them before the bill can pass.
sanders, senate, schumer, manchin, inflation, bill
424
2022-15-06
Saturday, 06 August 2022 11:15 AM
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