Senate Democrats unveiled a surprise $670 billion spending plan that has the blessing of Senator Joe Manchin (D-West Virginia). It’s an outline to help lower drug prices, give Americans more subsidized health coverage under Obamacare and mitigate climate change. It would be paid for with higher taxes on corporations and some wealthy individuals. To become law before the Senate leaves for its August break, the proposed reconciliation package needs all 50 Democrats and a tie-breaking vote from Vice President Harris as well as approval by the House. It would be a big win for President Joe Biden, and Republicans have already said they are opposed. According to a summary released by the two senators, the blueprint would raise $739 billion in new revenue through a variety of proposals: $313 billion via a 15 percent corporate minimum tax, $288 billion from empowering Medicare to negotiate lower drug prices, $124 billion from strong IRS enforcement of tax law and $14 billion from closing the carried interest loophole for money managers and real estate. The newly announced proposals will be tacked on to a bill that includes items that were expected to dominate as part of an even-slimmer package — a multiyear extension of Affordable Care Act subsidies aimed at preventing premium increases that is extended through the end of President Biden’s first term and provisions aimed at lowering prescription drugs. the bill will be brought to the floor next week before the upper chamber recesses in August.
For today, the Senate convened at 10:00 A.M. and following Leader remarks, the Senate will proceed to Executive Session to consider the nomination of Constance J. Milstein to be Ambassador Extraordinary and Plenipotentiary of the United States of America to the Republic of Malta.
The House convened at 10:00 A.M. and is considering the Senate Amendment to the House Amendment to the Senate Amendment to H.R. 4346 – CHIPS and Science Act of 2022 which the Senate passed 64-33 yesterday. House Republican leadership is urging members of its conference to vote against the bill to bolster the domestic chip manufacturing industry and fund scientific research, a reversal from its position earlier in the day that comes hours after Senate Democrats struck a deal on a multibillion-dollar reconciliation package. In a memo to all House GOP offices Wednesday night, leadership recommended that Republican lawmakers vote against the CHIPS-Plus bill, which passed the Senate in a bipartisan vote earlier in the day.
The House is also expected to consider H.R. 263 – Big Cat Public Safety Act.
The House may also consider three bills under suspension of the Rules.
Adam S. Olsen, Washington, D.C.
