Arizona Senator Kyrsten Sinema said she will “move forward” with the Democrats’ massive climate, tax, prescription drug, and spending bill, NPR reported.
It comes after Democrats appeared to reach an agreement about Sinema’s concerns with the legislation.
This means that the bill is all but locked in for the Democrats, who needed all 50 votes from their side of the aisle in order to pass the bill. The split 50-50 Senate will be able to pass the bill if all Democrats agree, plus the tie-breaker vote from Vice President Kamala Harris.
Sinema was the last hold-out. It means the Inflation Reduction Act will likely become law.
In a statement, Sinema said, “We have agreed to remove the carried interest tax provision, protect advanced manufacturing, and boost our clean energy economy in the Senate’s budget reconciliation legislation. Subject to the Parliamentarian’s review, I’ll move forward.”
The legislation solidifies key portions of President Biden’s domestic agenda.
Over the past few days, Sinema expressed concern over part of the bill that includes language about narrowing the carried interest tax loophole. Democrats say the measure would have added about $14 billion in funding.
In the agreement, Sinema was also able to secure an increase in drought resilience funding and a 1% excise tax on stock buybacks, according to a source familiar with the agreement.
After Sinema agreed, Majority Leader Chuck Schumer said in a statement the agreement reached among all Democratic senators maintains major components of the bill.
“I am pleased to report that we have reached an agreement on the Inflation Reduction Act that I believe will receive the support of the entire Senate Democratic conference,” Schumer said.
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