Senate Majority Leader: ‘I’m Proud that Right Now We Have a Strong, Bold Package to Move On’
Schumer touts new Inflation Reduction Act which would give Democrats big win
Senate Majority Leader Chuck Schumer took to the Senate floor Friday to take another victory lap to celebrate a new budget deal which is aimed at curtailing both economic inflation and global climate change.
The new Inflation Reduction Act of 2022 is a hard-fought victory for the New York Democrat who leads his party's razor-thin 50-seat majority in the US Senate.
This new deal, which came to after agreement with longtime Democratic holdout Sen Joe Manchin of West Virginia, would give Democrats a big, inflation-fighting win just as they'll be defending that thin majority in the November midterm elections.
The new legislation which would be offered through the Senate process known as “budget reconciliation,” and therefore protected against any attempts at a Republican filibuster would, according to Schumer:
lower the cost of prescription drugs by empowering Medicare—for the first time ever—to negotiate the prices of certain drugs in Part B and Part D;
prevent health care premiums from skyrocketing for millions of Americans in the coming months;
close tax loopholes and make the wealthiest corporations and individuals pay their fair share;
fight inflation and reduce the deficit;
as well as commit to put the nation on a path to roughly 40-percent emissions reductions by 2030, while creating new good-paying jobs in the near and long-term.
“There is a lot we have to do in the coming days, but I am proud that right now we have a strong, bold package to move on, one that will lower inflation, fight the climate crisis, and help preserve America’s place as a nation of immense opportunity deep into the 21st century. Let us get to work and pass the Inflation Reduction Act of 2022,” Schumer said.
Schumer expects to hold a vote on the expansive legislation in the Senate this coming week.
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