Senate Democrats say they have reached an accord on changes to their marquee economic legislation, clearing the major hurdle to pushing one of President Joe Biden’s leading election-year priorities through the chamber in coming days.
in the 50-50 chamber, said in a statement that she had agreed to revamping some of the measure's tax and energy provisions and was ready to “move forward” on the bill.
“Tonight, we’ve taken another critical step toward reducing inflation and the cost of living for America’s families,” Biden said in a statement. It will be replaced by a new excise tax on stock buybacks which will bring in more revenue than that, said one Democrat familiar with the agreement. The official, who was not authorized to discuss the deal publicly and spoke on condition of anonymity, provided no other detail.Sinema said she had also agreed to unspecified provisions to “protect advanced manufacturing and boost our clean energy economy.
Schumer said the measure retained the bill's language on prescription drug pricing, climate change, “closing tax loopholes exploited by big corporations and the wealthy" and reducing federal deficits. The final measure was expected to include assistance that Sinema and other Western senators have been trying to add to help their states cope with epic drought and wildfires that have become commonplace. Those lawmakers have been seeking around $5 billion but it was unclear what the final language would do, said a Democrat following the bargaining who would describe the effort only on condition of anonymity.
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