Senate to vote this weekend on bill intended to curb inflation

Published: Aug. 5, 2022 at 3:13 PM EDT

WASHINGTON (Gray DC) - The Senate could vote as early as Saturday on the Inflation Reduction Act.

The legislation proposes approximately $300 billion in deficit reduction and $369 billion in climate programs, intended to reduce carbon emissions by nearly 40% by 2030. It also allows for Medicare to directly negotiate drug prices with pharmaceutical companies.

“This is a great step forward,” said Senator Tammy Duckworth (D-Ill.).

She says in addition to bringing down gas prices, this bill would help bring more green energy jobs to the state of Illinois.

“Right now in the program, $500 million for biofuels and ethanol. Illinois is one of the nation’s leading producers of ethanol,” said Duckworth.

But, Senator John Cornyn (R-Texas) calls the legislation “false advertising.”

“It doesn’t do anything to address inflation any time soon,” said Cornyn.

Cornyn said the Inflation Reduction Act is similar to the $2 trillion Build Back Better Act which failed to pass the Senate late last year.

“This is admittedly a smaller version of that incredibly expensive and ridiculously extravagant bill,” said Cornyn.

President Biden says he’s looking forward to the Senate taking up the legislation issuing a statement which says the bill proposes “no new taxes on families making $400,000 or less as well as no new taxes on small businesses.

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