The Arizona Democrat's support paves the way for a long-awaited party-line Senate vote to pass key pieces of President Joe Biden's agenda.
holdout on the bill, said she negotiated the removal of a provision to increase taxes on carried interests targeting wealthy investors, resolving a key difference that had held back her support.Her backing sets up a final version of the bill to be introduced Saturday,Senate Majority Leader Chuck Schumer, D-N.Y., said he's"pleased to report that we have reached an agreement on the Inflation Reduction Act that I believe will receive the support of the entire Senate Democratic conference.
Democrats hope to pass the bill on a party-line vote through a process known as budget reconciliation that would allow approval with a simple majority and avoid the 60-vote threshold to overcome a Republican filibuster. It would need the votes of all Democrats in the evenly divided Senate and then a tie-breaking vote by Vice President Kamala Harris.
"Tonight, we’ve taken another critical step toward reducing inflation and the cost of living for America’s families," Biden said in a statement late Thursday."I look forward to the Senate taking up this legislation and passing it as soon as possible." The legislation would allow Medicare to negotiate prescription drug prices — long opposed by the pharmaceutical industry — and extend Affordable Care Act subsidies through 2025.
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