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US POLITICS INFLATION REDUCTION ACT NPR: Manchin and Schumer Surprised Everyone With the Inflation Reduction Act—Even Democrats Themselves Senator Joe Manchin talks with Senate Majority Leader Charles Schumer ... CHIP SOMODEVILLA/GETTY IMAGES Original article: https://newrepublic.com/article/167213/manchin-schumer-suprise-inflation-reduction-act-democrat-reactions Peter Burgess COMMENTARY Considering the razor thin majority that the Democrats have in Congress, the fact that they have been able to get any meaningful legislation passed into law is remarkable ... and in its totality, it can be argued that the Biden administration has done more for the benefit of the people of the United States than any administration in fifty years ... perhaps more than was passed in the Eisenhower and Johnson administrations combined ... and that is saying something. I argue that the core strength of the United States is as good today as it has been at any time since the end of WWII ... but there is a serious level of personal unhappiness that is caused by important but quite fixable issues. These iissues have not been addressed in a meaningful way since the Reagan administration some four decades ago until this Biden administration. Clearly Biden would have liked to get more and bigger bills passed into law ... but what has been passed is substantial, and maybe more will be coming if the Democrats retain control of the House and Senate in the upsoming 2022 mid-term elections. My hope is that the messaging by the Democrats will improve in the run-up to the November election. I hear far too much grumbling within the Democratic Party about the failure of the administration to get all that the individual elected official wants, and worse, blaming Biden and the other Democrats for this failure. The reality is that the Democrats have done a very poor job of getting enough Democrats elected to office and the Biden administration has been faced with almost no working margin in both the Senate and the House. This is on us ... not on Biden. I cannot understand how it is that the Democratic Party does not get 80% of the vote rather than struggling to get a little more than 50% ... in my view it is about 80% of the population of the United States that would benefit mightily from a solid majority of Democrats in the Senate and House at the Federal level, and as well as at the State and local level throughout the country. The Republicans love to talk about 'Freedom' and 'Small Government' but in reality these ideas don't translate into widely held prosperity in the modern world which has huge potential when it is managed for the benefit of all of us ... something that has not been happening well in the United States for around four decades. Sad ... and stupid ... but it can be fixed in my opinion with a serious progressive Democrat agenda. The legislation is a good start !!!!! Peter Burgess
HOLY COW ... Manchin and Schumer Surprised Everyone With the Inflation Reduction Act—Even Democrats Themselves “It’s not ideal, but it’s how the sausage gets made, right? I try not to go to the sausage factory.” Grace Segers ... @Grace_Segers ... Grace Segers is a staff writer at The New Republic. July 28, 2022 (Accessed September 2022) The Build Back Better Act is dead; long live the Inflation Reduction Act. Senate Majority Leader Chuck Schumer and West Virginia Senator Joe Manchin surprised everyone—including many members of their own party—on Wednesday, when they announced a new deal to cut the deficit and invest in climate spending, health care, and more. Manchin had previously watered down, and then killed, the bill known as the Build Back Better Act, President Joe Biden’s massive social spending, climate, and tax policy legislation. But Wednesday’s deal has revived Democratic hopes of passing legislation that addresses some of their biggest priorities ahead of the midterm elections. The Inflation Reduction Act is a narrower version of the Build Back Better Act—despite Manchin emphatically referring to Build Back Better as “dead” in a Wednesday statement—raising $740 billion and spending $433 billion on climate, energy, and Obamacare provisions, compared to the earlier bill’s roughly $3 trillion price tag. But Democrats are still taking the legislation as a victory, touting the bill’s focus on cutting the deficit, extending Affordable Care Act subsidies, empowering Medicare to negotiate prescription drug prices, boosting domestic energy production, and addressing climate change. The bill would also impose a 15 percent minimum tax on big corporations and close the carried interest loophole, priorities of progressives such as Senator Elizabeth Warren, who approvingly noted its inclusion to reporters on Tuesday. Despite his opposition to earlier iterations of the bill, Manchin said on Wednesday that he had seen an opportunity to address inflation and energy security that propelled him to keep the negotiations going. “All of you might be surprised, but there should be no surprise, because I’ve never walked away from anything in my life,” Manchin, who is currently quarantining with a case of Covid-19, told reporters in a press call Thursday morning. But despite Manchin’s claims, there was more than a fair bit of surprise at the news on Capitol Hill. When informed that a deal had been reached on Wednesday, Senate Majority Whip Dick Durbin—who is ostensibly responsible for counting votes—told reporters that the agreement was “news to me.” “Clearly, there’s a bit of whiplash going on in Congress right now, that we thought it was going to fail, and now it’s popping,” Senator Cory Booker told The New Republic after a caucus meeting on Thursday morning. Just as notable as what is included in the bill is what has been left out. There is no extension of the expanded child tax credit, which lifted 3.7 million children out of poverty in December. There are also no childcare provisions, despite rising costs, and no paid parental or medical leave, even though the United States is the only developed country in the world without a national paid leave program. There is nothing on affordable housing, universal pre-kindergarten, or free community college. The prevailing sentiment among Democrats in the wake of this agreement appears to be acceptance, with varying degrees of enthusiasm. “We’re at a point where the things that are in it are positive steps forward. It’s hard to vote against something because of what’s not in it,” said Representative Dan Kildee. Representative Don Beyer, who has long been supportive of the corporate minimum tax, seemed to embody much of the Democratic thinking on the deal: “If Joe Manchin’s for it, it’s enough.” “There’s a lot of really good stuff in there. I think it’s big progress. Obviously, there’s things that we didn’t get in there,” said Representative Pramila Jayapal, the chair of the Congressional Progressive Caucus. “But I think the most important thing is to get this thing done as quickly as possible.” Representative Jamaal Bowman, another progressive, told reporters on Thursday that he was “very disappointed and actually pretty angry that the childcare provisions were taken out.” But he was circumspect about most Democrats being left out of the final negotiating process. “They’re senators, you know; one is the Senate majority leader, and one has been a gatekeeper of so many policies throughout this term, and that’s the power of the Senate,” he said. Representative Raul Grijalva agreed: “This occurring was surprising, and lacking in other input, but it’s not by any stretch of the imagination anything new.” Perhaps because the process has taken so long, with various twists and turns, Democrats are just relieved to have any bill at all. “It’s not ideal, but it’s how the sausage gets made, right? I try not to go to the sausage factory,” Senator Tim Kaine told The New Republic about the two-person negotiations. “I’m not going to talk about what’s not in it, because those stories can go on and on and on,” said Senator Sherrod Brown, who has made the expanded child tax credit a personal priority for years. “I will always fight for the child tax credit, and we’re going to make it happen.” (Brown noted that the credit was opposed by all Republicans, although it was crucially also opposed by Manchin.) Booker, another strong proponent of the expanded child tax credit in the Senate, argued to The New Republic that the bill still made significant investment in children. “This will be one of the most significant and consequential bills passed in a generation. So I want to celebrate the victories here, and there are tremendous victories for children,” he said. He specifically pointed to the segments of the bill related to environmental justice, like block grant funding to aid communities disproportionately harmed by climate change and pollution. There will also be plenty of opportunities for Democrats to attempt to add amendments to the bill. To avoid a filibuster, the legislation must pass through reconciliation, which allows certain bills to pass with a simple majority. Both Democrats and Republicans can look forward to the “vote-a-rama,” a feature of the reconciliation process, in which senators take back-to-back votes on amendments for hours at a time. Kaine, who recently introduced a childcare proposal along with Senator Patty Murray with the hopes of getting it included in the reconciliation bill, noted to reporters that there would be an amendment process, during which he could try to get childcare included. “I would say, it’s not everything that I wanted, but it’s more than I expected,” Kaine said. He pointed to a provision in the deal that would permanently extend an excise tax that funds a program to aid disabled coal miners—a priority both of his and of Manchin’s—saying that he was pleasantly surprised by its inclusion. But despite the Democratic victory laps, the reconciliation agreement is not a done deal. All 50 Senate Democrats need to be on board with the measure, and there’s at least one unknown: Senator Kyrsten Sinema, the iconoclastic Democrat from Arizona who has previously balked at raising corporate taxes. In characteristic fashion, Sinema has remained tight-lipped about her position on the bill. She did not attend a Democratic caucus meeting on Thursday morning. Manchin told reporters that he had not spoken to Sinema about the legislation but “would hope she would be receptive.” “We didn’t raise taxes, so she should be happy with that,” he said. He also said he was unwilling to drop taxation on carried interest, which Sinema has previously opposed. Some Democrats from high-income states had threatened not to support a reconciliation package unless it lifted a $10,000 cap on the state and local tax deduction—something that Manchin opposes. But in the House, at least, the lack of change to the SALT deduction may not be a dealbreaker. “A lot of us said we needed to see SALT in any bill that … had other tax impacts on our middle-class constituents. This doesn’t do that. This is a bill on a completely different set of issues,” argued Representative Tom Malinowski of New Jersey, who has been vocal on the SALT deduction cap in the past. “It’s consistent with my values and my priorities, and with a lot of the things that my constituents sent me here to fight for.” But Senator Bob Menendez of New Jersey gave a more ambiguous response when asked how the lack of a SALT deduction change would affect his vote. “I don’t make decisions like that, gentlemen, ladies. I look at the totality of it,” he told reporters. “Anybody can be Joe Manchin. I can be Joe Manchin right now.” Grace Segers @Grace_Segers Grace Segers is a staff writer at The New Republic. Editor’s Picks The Democrats Tried—and Failed—to Quickly Pass Police Funding Before Summer Vacation ... Grace Segers Joe Manchin Killed the Expanded Child Tax Credit. Democrats Have a New Plan to Revive It. ... Grace Segers Latest From The Soapbox Democrats: Steal This Move From Lindsey Graham ... Jason Linkins Ken Burns and Lynn Novick stand against a black and green backdrop. “We Did Know”: Ken Burns and Lynn Novick on The U.S. and the Holocaust ... Michael Tomasky Strike Settled. Now Let’s Nationalize the Railroads. ... Timothy Noah Biden speech ... Attacking MAGA Is as “Meat and Potatoes” as It Getsv ... Abdul El-Sayed Copyright 2022 © The New Republic. All rights reserved. Open original PDF: https://www.democrats.senate.gov/imo/media/doc/inflation_reduction_act_one_page_summary.pdf SUMMARY: THE INFLATION REDUCTION ACT OF 2022 Updated: August 11 th, 2022 The Inflation Reduction Act of 2022 will make a historic down payment on deficit reduction to fight inflation, invest in domestic energy production and manufacturing, and reduce carbon emissions by roughly 40 percent by 2030. The bill will also finally allow Medicare to negotiate for prescription drug prices and extend the expanded Affordable Care Act program for three years, through 2025. Additionally, the agreement calls for comprehensive Permitting reform legislation to be passed before the end of the fiscal year. Permitting reform is essential to unlocking domestic energy and transmission projects, which will lower costs for consumers and help us meet our long-term emissions goals. TOPLINE ESTIMATES: TOTAL REVENUE RAISED $737 billion 15% Corporate Minimum Tax 222 billion* Prescription Drug Pricing Reform 265 billion* IRS Tax Enforcement 124 billion 1% Stock Buybacks Fee 74 billion* Loss Limitation extension 52 billion* TOTAL INVESTMENTS $437 billion Energy Security and Climate Change 369 billion* Affordable Care Act Extension 64 billion Western Drought Resiliency 4 billion* TOTAL DEFICIT REDUCTION $300+ billion * = Joint Committee on Taxation estimate = Congressional Budget Office estimate * = Senate estimate, awaiting final CBO score The Inflation Reduction Act: . Expands Medicare benefits: free vaccines (2023), $35/month insulin (2023) and caps out-of-pocket drug costs to an estimated $4,000 or less in 2024 and settling at $2,000 in 2025 . Lowers energy bills: cuts energy bills by $500 to $1,000 per year . Makes historic climate investment: reduces carbon emissions by roughly 40% by 2030 . Lowers health care costs: saves the average enrollee $800/year in the ACA marketplace, allows Medicare to negotiate 100 drugs over the next decade, and requires drug companies to rebate back price increases higher than inflation . Creates manufacturing jobs: more than $60 billion invested will create millions of new domestic clean manufacturing jobs . Invests in disadvantaged communities: cleaning up pollution and taking steps to reducing environmental injustice with $60 billion for environmental justice . Closes tax loopholes used by wealthy: a 15% corporate minimum tax, a 1% fee on stock buybacks and enhanced IRS enforcement . Protects families and small business making $400,000 or less

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