WASHINGTON – Senate Democrats have reached an agreement on an eleventh-hour change to their top-priority economic law, they announced late Thursday, removing their major obstacle to moving the measure through the chamber in the coming days. .
Kirsten Cinemas, D-Ariz., a centrist in what was seen as the deciding vote, said in a statement that she had agreed to changes to the measure’s tax and energy provisions and “move forward” on the bill. was ready for
Senate Majority Leader Chuck Schumer, D.N.Y., said lawmakers have reached an agreement “that I believe will have the support of all Democrats in the chamber”. With Vice President Kamala Harris’s tie-breaking vote, her party needs a consensus to push the measure through the Senate 50-50.
Schumer has said he expects the Senate to begin voting on energy, environment, health and tax measures on Saturday. Passed by the House, over which Democrats have limited control, could come next week.
The final congressional approval of the election-year measure would be a major achievement for President Joe Biden and his party, a feat they may be telling voters as November approaches.
Cinema said Democrats had agreed to remove a provision that increased the tax on “interest interest” or profits that went to executives of private equity firms. It’s a proposal he has long opposed, though it is a favorite of other Democrats, including conservative West Virginia Sen. Joe Manchin, an architect of the composite bill.
Interest provision for the government was projected to generate $13 billion over the coming decade, a small fraction of the measure’s $739 billion in total revenue.
It would be replaced by a new excise duty on stock buybacks that would bring in more revenue, said a Democrat familiar with the deal who spoke on condition of anonymity because they are authorized to discuss the deal publicly. were not. The official did not provide any other details.