Senate Democrats Race to Ready Reconciliation Package This Week, House Could Return from Recess to Vote
Senate Democratic leaders hope to advance the surprise reconciliation package negotiated by Sens. Joe Manchin (D-WV) and Chuck Schumer (D-NY), titled the
Inflation Reduction Act of 2022,
by the end of the week. Before the Senate can proceed on the legislation, which aims to combat climate change, reduce health-care costs and revise the U.S. tax code, the Senate parliamentarian must complete her review of the bill text to ensure it meets statutory limits on what can be included in reconciliation. Still, Schumer insists the chamber is “on track” to take up the bill later this week.
Under the reconciliation process, only a simple majority is needed for passage. Sen. Kyrsten Sinema (D-AZ) remains a sticking point to passing the legislation and has not revealed her position on the bill. Previously, Sinema opposed changing the taxation of carried interest, which is included in the package.
The House of Representatives has left Washington for their August recess. However, if reconciliation passes the Senate, the House may return next week to vote on the package. Read more
here.