US ‘Inflation Reduction Act’ to be voted on over weekend – deal reached


U.S. policy update. With market implications. By Reuters:

  • Democratic U.S. Senator Kyrsten Sinema said on Thursday she agreed to “move forward” on a $430 billion drug pricing, energy and tax bill, subject to the approval by a Senate referee of the bill, which Democrats intend to override Republican objections.
  • The bill known as the Cut Inflation Act, introduced last week by Schumer and Democratic Sen. Joe Manchin, represents a key priority for Democrats and President Joe Biden.
  • With the 100-seat Senate split 50-50, Democrats plan to pass the bill without Republican support through a parliamentary process known as reconciliation.
  • Senate Majority Leader Chuck Schumer said earlier Thursday that the chamber would meet on Saturday to vote on a motion to proceed and then begin debate on the bill.

Via other sources:

  • the bill will now include a new excise tax on share redemptions that will generate more revenue than the deleted deferred interest provision
  • The deficit reduction figure will remain at $300 billion

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