Democrats battle to pass bill on energy, tax

WASHINGTON－The United States Senate on Saturday began debating a Democratic bill to address key elements of President Joe Biden's agenda－tackling climate change, reducing the costs of medication for the elderly and energy, while forcing corporations and the wealthy to pay more taxes.

The debate began after the Senate voted 51-50 to move ahead with the legislation. Vice-President Kamala Harris broke a tie vote, with all 50 Republicans in opposition.

Democrats and Republicans were poised to reject each other's amendments, as Senate Majority Leader Chuck Schumer maneuvered to keep his 50-member caucus united behind a bill that was negotiated over several months. If even one Democrat were to peel off, the entire effort would be doomed in the evenly split Senate.

Earlier in the day, the Senate parliamentarian determined that the lion's share of the healthcare provisions in the $430 billion bill could be passed with only a simple majority.

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 leaves and expanded child care aid.

Eyeing midterm elections

Democrats hope that the legislation will give a boost to their candidates in the Nov 8 midterm elections in which Biden's party is in an uphill battle to retain its narrow control of the Senate and House of Representatives. The Democrats cast the legislation as a vehicle to combat inflation, a prime concern of US voters this year.

There are three main parts to the bill's tax provisions: a 15 percent minimum tax on corporations and the closing of loopholes that the wealthy can use to avoid paying taxes; tougher Internal Revenue Service enforcement; and a new excise tax on stock buybacks.

The legislation has $430 billion in new spending along with raising more than $740 billion in new revenue.

The measure would allow the Medicare government health insurance program for the elderly to begin negotiating in 2026 with the pharmaceutical industry over prices on a limited number of prescription drug prices as a way of reducing costs.

The bill also calls for billions of dollars to encourage the production of more electric vehicles and foster clean energy.

Agencies Via Xinhua