Senate passes Inflation Reduction Act; House to vote next

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Senate passes Inflation Reduction Act; House to vote next
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The estimated $740 billion package heads next to the House, where lawmakers are poised to deliver on President Joe Biden's priorities.

Senate Majority Leader Chuck Schumer, D-N.Y. makes a speech ahead of senators voting to advance Democrats' climate, energy, tax bill.

Before debate began Saturday, the bill's prescription drug price curbs were diluted by the Senate's nonpartisan parliamentarian. Elizabeth MacDonough, who referees questions about the chamber's procedures, said a provision should fall that would impose costly penalties on drug makers whose price increases for private insurers exceed inflation.

The measure's final costs were being recalculated to reflect late changes, but overall it would raise more than $700 billion over a decade. The money would come from a 15% minimum tax on a handful of corporations with yearly profits above $1 billion, a 1% tax on companies that repurchase their own stock, bolstered IRS tax collections and government savings from lower drug costs.

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