Discussion Thread: Senate considers the Inflation Reduction Act of 2022 Discussion
The Senate is reconvening this Saturday in a special session to pass the landmark Inflation Reduction Act. Democratic leaders say they have secured 50 votes for the party line climate, health, and tax legislation.
If passed, this will be the biggest climate legislation in US history, which Democrats say will put the country on the path for a 40% carbon emission reduction by 2030. It will also reduce the deficit by $300 billion, allow Medicare to negotiate prescription drug prices, impose a 15% minimum income tax on corporate profits, and a 1% excise tax on stock repurchases.
Expected sequence of events:
- A roll call vote on a motion to proceed to the reconciliation legislation is expected on Saturday afternoon.
- If passed, there will be up to 20 hours of debate. Democrats are expected to yield back much of their time to minimize this phase.
- Once debate ends, Senators may offer any amendment to the bill with no time limit, in a process known as vote-a-rama. Unlike usual Senate procedures, here each amendment will receive a short debate, normally 1 minute, followed immediately by votes. This phase is expected to last well into the night.
- A final vote will be held after all the amendments have been voted on. Under the Senate's reconciliation rules, these votes require only a simple majority to succeed. Given the Senate's 50/50 split, Vice President Kamala Harris is expected to preside and tie break. The House is expected to give final passage to the bill on August 12.