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Tags: schumer | manchin deal | spending | climate | sinema

First Senate Vote on Schumer-Manchin Deal Expected Saturday

Joe Manchin grasps Chuck Schumer's arm.

Sen. Joe Manchin, D-W.Va., grasps the arm of Senate Majority Leader Chuck Schumer, D-N.Y. (Chip Somodevilla/Getty Images)

By    |   Thursday, 04 August 2022 10:30 PM EDT

The Senate is preparing to cast its first vote for a massive $740 billion spending bill on Saturday, Senate Majority Leader Chuck Schumer revealed on the floor.

''For the information of senators, the Senate will next convene on Saturday at noon,'' the New York Democrat announced on Thursday, The Hill reported.

''We expect to vote on the motion to proceed to the reconciliation legislation on Saturday afternoon,'' he added.

If senators approve with proceeding, they will debate the legislation for up to 20 hours before starting a series of narrower reconciliation votes. A final broad up or down vote is expected either Sunday or early next week.

Sen. Kyrsten Sinema, D-Ariz., is reportedly still negotiating on changes she wishes to see in the package constructed by Schumer and Sen. Joe Manchin, D-W.Va. Still, Schumer's decision to take up the Inflation Reduction Act implies they are closing in on their own deal.

Sinema had taken issue with a measure that would close the carried interest tax provision, a loophole that allows hedge fund managers to pay a lower capital gains rate that maxes out at 23.8%, according to Politico.

Further, Sinema appears to be interested in adding roughly $5 billion in drought resiliency funding due to her state's continual water supply issues.

Schumer and Manchin's deal resurrects President Joe Biden's climate and social spending plan, nearly a month after the West Virginia Democrat declared he was ''unequivocally'' opposed to anything resembling the stalled "Build Back Better" Act.

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Politics
The Senate is preparing to cast its first vote for a massive $740 billion spending bill on Saturday, Senate Majority Leader Chuck Schumer revealed on the floor.
schumer, manchin deal, spending, climate, sinema
247
2022-30-04
Thursday, 04 August 2022 10:30 PM
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