A Democratic economic package focused on climate and health care faces hurdles but seems headed toward party-line passage by Congress next month.
FILE - People walk outside the U.S Capitol building in Washington, June 9, 2022. Approval would let President Joe Biden and his party claim a triumph on top priorities just as November’s elections approach. . healthApproval would let President Joe Biden and his party claim a triumph on top priorities as November’s elections approach. They have not forgotten that they came close to approving a far grander version of the bill last year, only to see Sen. Joe Manchin, D-W.Va.
The package would save consumers and the government money by curbing prescription drug prices, and it would subsidize privateinsurance for millions of people. It would bolster the IRS budget so the tax agency can collect more unpaid taxes. “Improved tax collection, drug savings, and deficit reduction would put downward pressure on inflation,” the Committee for a Responsible Federal Budget said Friday. In what passes for a rave review, the bipartisan fiscal watchdog group called the legislation “exactly the kind of package lawmakers should put in place to help the economy in a number of ways.”
“The act would very slightly increase inflation until 2024 and decrease inflation thereafter," the group wrote Friday. “These point estimates are statistically indistinguishable from zero, thereby indicating low confidence that the legislation will have any impact on inflation." Sens. Jeanne Shaheen, D-N.H., and Susan Collins, R-Maine, have produced a bill capping insulin's price. That measure's prospects diminished after the nonpartisan Congressional Budget Office estimated it would cost about $23 billion and actually increase the price of insulin. The two lawmakers also haven't produced the 10 Republicans who would be needed to succeed in the 50-50 Senate, where most bills need 60 votes.
Democrats can lose no more than four House votes to succeed there. Speaker Nancy Pelosi, D-Calif., said Friday that when the Senate approves the package, “We’ll pass it.”
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