Fox News reports that, after much debate and many amendments, the U.S. Senate passed the so-called Inflation Reduction Act on Sunday.
Senate Democrats were able to do so using the budget reconciliation procedure, which allows a budgetary measure to bypass the Senate filibuster by lowering the number of votes needed for a measure to pass from 60 to 50.
The Democrats were able to secure the votes of both Sens. Joe Manchin (D-WV), who was a major player with regard to the formation of the bill, and Kyrsten Sinema (D-AZ). Still, with the current 50-50 makeup of the Senate, the Democrats barely were able to get the measure passed.
The initial vote was a tie, 50-50, along party lines. It took the tie-breaking vote of Vice President Kamala Harris to push the bill on through, 51-50.
This is a massive bill, and it’s hard to believe that anyone really knows everything that is in it.
One thing that we do know is that the bill is expected to cost somewhere in the neighborhood of $740 billion.
Another thing we know is that, although it is called the “Inflation Reduction Act,” everyone – including the Congressional Budget Office – appears to be admitting that the bill will do little to help with inflation. Rather, the bill reads like the little brother of President Joe Biden’s Build Back Better Act, containing parts of the left’s climate change agenda.
Breitbart News reports, “the Inflation Reduction Act focuses on reducing the deficit and curbing inflation, extending enhanced Obamacare subsidies, spending more than $300 billion on climate change programs, and allowing Medicare to negotiate the price of drugs.” Significantly, the bill also increases taxes and tax enforcement.
Dems and Republicans react
You can guess the Democrats’ reaction. They are selling this as a massive victory and trying to use it to build momentum for the midterm elections.
The Republicans, on the other hand, are warning Americans of the evils that they believe will result from the bill. The U.S.’s economic situation is already bad, and the Republicans firmly believe that this bill is only going to make it worse – far worse.
Next up, the bill will head over to the U.S. House of Representatives. There, with the Democrats’ majority, the bill is expected to pass.
After that, it will head to Biden, who will sign it into law.