Democrats pushed their election-year economic package to U.S. Senate passage Sunday, a hard-fought compromise less ambitious than U.S. President Joe Biden's original domestic vision but one that still meets deep-rooted party goals of slowing global warming, moderating pharmaceutical costs and taxing immense corporations.
U.S. Sen. Chuck Schumer, D-N.Y., gives a thumbs-up in his office after the Senate approved the Democrats' big election-year economic package, in Washington, Aug. 7, 2022. Democrats pushed their election-year economic package to Senate passage Sunday, a hard-fought compromise less ambitious than President Joe Biden’s original domestic vision but one that still meets deep-rooted party goals of slowing global warming, moderating pharmaceutical costs and taxing immense corporations.
The president urged the House to pass the bill as soon as possible. Speaker Nancy Pelosi said her chamber would “move swiftly to send this bill to the president’s desk.” House votes are expected Friday. The bill ran into trouble midday over objections to the new 15 per cent corporate minimum tax that private equity firms and other industries disliked, forcing last-minute changes.
Republicans said the new measure would undermine an economy that policymakers are struggling to keep from plummeting into recession. They said the bill's business taxes would hurt job creation and force prices skyward, making it harder for people to cope with the nation's worst inflation since the 1980s.
Before debate began, the bill's prescription drug price curbs were diluted by the Senate's nonpartisan parliamentarian who said a provision should fall that would impose costly penalties on drug makers whose price increases for private insurers exceed inflation.
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