Democrats drove their election-year economic package toward Senate approval early Sunday, debating a measure with less ambition than President Joe Biden’s original domestic vision but that touches deep-rooted party dreams of slowing global warming, moderating pharmaceutical costs and taxing immense corporations.
“It will reduce inflation. It will lower prescription drug costs. It will fight climate change. It will close tax loopholes and it will reduce the deficit,” Senate Majority Leader Chuck Schumer, D-N.Y., said of the package. “It will help every citizen in this country and make America a much better place.”
Nonpartisan analysts have said Democrats’ “Inflation Reduction Act” would have a minor effect on surging consumer prices. The bill is barely more than one-tenth the size of Biden’s initial 10-year, $3.5 trillion rainbow of progressive aspirations and abandons its proposals for universal preschool, paid family leave and expanded child care aid.
Progressive Sen. Bernie Sanders, I-Vt., offered amendments to further expand the legislation’s health benefits, and those efforts were defeated. Most votes were forced by Republicans and many were designed to make Democrats look soft on U.S.-Mexico border security and gasoline and energy costs, and like bullies for wanting to strengthen IRS tax law enforcement.
But the thrust of their pharmaceutical price language remained. That included letting Medicare negotiate what it pays for drugs for its 64 million elderly recipients, penalizing manufacturers for exceeding inflation for pharmaceuticals sold to Medicare and limiting beneficiaries out-of-pocket drug costs to $2,000 annually.The measure’s final costs were being recalculated to reflect late changes, but overall it would raise more than $700 billion over a decade.
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