Aug 8, 2022
Senate advances massive health care, climate and tax reform legislation Transcript
After a weekend of contentious debate, the Inflation Reduction Act was passed by the Senate. Read the transcript here.
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VP Kamala Harris: (00:00)
The Senate being equally divided, the Vice President votes in the affirmative, and the Bill, as amended, is passed.
Applause erupted on the Senate floor after Vice President Kamala Harris delivered the tie-breaking vote to pass Democrats signature economic health and climate agenda.
Sen. Chuck Shumer: (00:20)
It’s been a long, tough, and winding road. At last, we’ve arrived, and we are elated.
Called the Inflation Reduction Act, it is the largest Federal investment to address climate change, with $369 billion for clean energy programs, including tax credits for individuals who make their homes more energy efficient or buy electric vehicles, as well as the manufacturers who build them. It allows Medicare to negotiate lower prescription drug prices, and caps drug costs for seniors at $2,000 a year.
The Congressional Budget Office says the $430 billion package is expected to cut the deficit by $300 billion. It will be paid in part through a 15% minimum tax on corporations, an increased IRS enforcement. Republicans who opposed the measure had choice words.
Speaker 4: (01:13)
The Bill’s title shows you what bullshit it is. It’s an Inflation Increase Act.
Sen. Rick Scott: (01:18)
This is going to continue to drive us into a bigger recession than we are.
Sen. Ted Cruz: (01:22)
It is a terrible idea.
Republicans were successful in blocking a $35 cap on insulin prices for most Americans. That provision needed 60 votes, and only seven Republicans joined the 50 Democrats in favor of it. It was one of dozens of amendments that were voted on during a marathon weekend session that stretched into the early morning hours Sunday.
Sen. Chuck Grassley: (01:45)
It’s 4:50 AM-
But the strict party line action finally passed.
Nikole Killion: (01:50)
Is there objection?
Then while Democrats acknowledged only some of the Bill’s provisions would be felt immediately, they emphasized the significant long-term benefits.
Sen. Chuck Shumer: (01:59)
The world will be a better place for my grandchildren because of what we did today.
Nikole Killion: (02:04)
Now, as I mentioned earlier, the Senate is now out on recess. The House will return from its break later this week to vote on the Bill Friday. Ann-Marie, Vlad?
Vladimir Duthiers: (02:14)
All right, Nikole. For us on the Hill, thank you very much.