The Senate is expected to vote today on a resolution to ratify Finland’s and Sweden’s applications to join NATO as the Western military alliance seeks to strengthen its resolve against the threat posed by Russia. Senate Majority Leader Chuck Schumer, (D-New York), said Tuesday evening that the chamber would vote Wednesday afternoon on the resolution and a pair of GOP amendments. One of the amendments expected to be voted on, from Senator Rand Paul, (R-Kentucky), says the alliance’s agreement of collective defense if a member is attacked doesn’t supersede Congress’ role in declaring war. The other amendment, from Senator Dan Sullivan, (R-Alaska), states that every member of NATO should commit to the 2% goal of gross domestic product spending. NATO formally invited Finland and Sweden to join the alliance at the end of June, and all 30 NATO countries are considering their applications, which must be ratified by each member. Turkey initially threatened to oppose their membership in part over their perceived support for the banned Kurdistan Workers’ Party but has since lifted its objections. At least two-thirds of the Senate must vote in favor of the resolution for it to be ratified. Once that happens, the Biden administration will submit the documents to the alliance.
Negotiations continue today on the Inflation Reduction Act with Senate votes expected to begin later this week on the health, climate and tax plan. Democrats still don’t know whether Arizona Senator Krysten Sinema (D) will vote for the bill after Senator Joe Manchin (D-West Virginia) insisted on adding a provision to close the carried interest tax loophole. The carried interest tax loophole allows asset managers to use a favorable tax rate on income. A proposal to close it was left out of last year’s House tax reform package after Sinema opposed it. While the Senate waits for rulings from the parliamentarian over what can be included in the bill, Republican leaders are anticipating filing hundreds of amendments to the measure. The amendments will touch on immigration, health care and taxes as the Senate buckles up for a marathon voting session known as a vote-a-rama in the days ahead.
Of note, five former Treasury secretaries on Wednesday signed a statement backing the Inflation Reduction Act, pushing back against the claim that the reconciliation bill will raise taxes on Americans who make under $400,000 a year. The former Treasury secretaries, both Republicans and Democrats, said the legislation is “financed by prudent tax policy that will collect more from top-earners and large corporations,” according to the letter.
Adam S. Olsen, Washington, D.C.
