I told ya so…..
Just like Manchin…..
Schumer had to take out some tax hikes and give her drought money for her state to earn her vote…
For those who might complain at this….
Save your breath….
This IS how things are done in the US Senate….
Republicans ain’t happy….
Manchin and Sinema did them no favors and with their votes and Vice President Harris’s vote….
Joe Biden and Democrats get another BIG piece of legislation and add a tax on corporations….
South Carolina Republican US Senator Lindsey Graham has issued a ‘warning’ to Democrats against their ‘deal’…..
Mr. Schumer confirmed in a statement that he had reached an agreement “that I believe will receive the support of the entire Senate Democratic conference.” He said the revised legislation would be released on Saturday.
“The agreement preserves the major components of the Inflation Reduction Act, including reducing prescription drug costs, fighting climate change, closing tax loopholes exploited by big corporations and the wealthy, and reducing the deficit,” he said. The deal will “put us one step closer to enacting this historic legislation into law.”
Ms. Sinema insisted on the removal of a provision that would limit the preferential tax treatment of income earned by some wealthy hedge fund managers and private equity executives. Democrats instead added a new 1 percent excise tax that companies would have to pay on the amount of stock that they repurchase, said one Democratic official, who disclosed details of the plan on the condition of anonymity.
That provision, the official said, would ensure that the package still reduces the federal deficit by as much as $300 billion, the same amount Democrats aimed for with the original deal and a key priority for Mr. Manchin.
Democrats also agreed to a request by Ms. Sinema to include billions of dollars to combat droughts, according to officials briefed on the emerging plan, something that is crucial to Arizona as it suffers from a devastating megadrought. They were expected to restructure the 15 percent minimum tax on corporations to make it less burdensome on manufacturers. Earlier this week, business leaders in Arizona appealed directly to Ms. Sinema to simplify that proposal, which was included in part because she had resisted increasing tax rates as part of the plan.
While most Democrats had been quick to rally around the deal Mr. Manchin reached with Mr. Schumer when it was announced last week, Ms. Sinema had refused to weigh in and privately signaled that changes, particularly to the tax proposals, would be needed to win her vote.
Ms. Sinema, an enigmatic centrist, had already forced her party to abandon their plans to overhaul much of the tax code, and her characteristic silence frustrated Democrats eager to take up the bill.
Mr. Schumer said that he planned to hold a test vote on the measure on Saturday afternoon, keeping the Senate from leaving for a planned five-week August recess to finish work on the legislation….
“A word of advice to those who support this reconciliation deal: If you expect the CR to deliver a political payoff with 60 votes you might want to rethink.”
“If there is something you want in this deal that can’t be achieved in reconciliation, if I were you I would get it up front. Stay tuned.”
Senator Graham is having rough time this week….
Worries about this and he’s worried about about having tro appear before a Georgia Grand Jury….
image…..Credit…Tom Brenner for The New York Times