Democrats in Congress this week have produced important legislation to address urgent problems and maybe even improve people’s lives.
Completely missing from the IRA are any of the social-welfare programs Biden wanted as part of his expansive build back better program last year, such as free preschool, free community college, child-care and affordable housing subsidies and a more generous child tax credit. In fact, you can’t even really describe the IRA as Biden’s bill, though he supports it. Biden has never called for faster fossil-fuel permitting, and in fact is moving in the opposite direction, through regulations.
US Senator Krysten Sinema, Democrat of Arizona, speaks during a hearing on the nominations of Shalanda Young to be Director and Nani Coloretti to be Deputy Director of the Office of Management and Budget at the US Capitol in Washington, DC, on February 1, 2022. The IRA would actually bring down the deficit by a bit, and the corporate minimum tax would only affect large companies that use extensive tax breaks to whittle down their tax bills. The green energy package would fund at least some Democratic priorities, which makes it a reasonable compromise.
Political analysts think the bill can pass, and give Biden a much-needed accomplishment to tout as the midterm elections approach. “After a year of disappointing failures on Build Back Better, President Joe Biden’s administration is poised to claim a major climate win with the likely passage of the Inflation Reduction Act,” the Eurasia Group wrote in a July 29 analysis. Eurasia rates the odds of passage at 75%.There will be plenty of grumbling. Liberal Democrats don’t like the concessions to fossil-fuel producers.
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