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Chuck Schumer

Senate Majority Leader Schumer Seeks 10 GOP Votes On Marriage Equality

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By Associated Press
September 13, 2022

Earlier this summer, the House passed the Respect for Marriage Act by a vote of 267 to 157.

Senate Majority Leader Chuck Schumer took to the Senate floor to urge passage of a marriage equality bill, saying “I truly hope, for the sake of tens of millions of Americans, that there will be at least ten Republicans who will vote with us to pass this very important bill.”

Work continues on the legislation behind the scenes, and Schumer praised two Democrats, Sen. Tammy Baldwin and Sen. Kyrsten Sinema, along with one Republican, Sen. Susan Collins for their work in putting together the legislation.

“I encourage my colleagues to continue these conversations,” Schumer said. “The American people support protecting marriage rights of same sex marriages by a large margin. So let’s get it done.”

Related StoryHouse Passes Bill Protecting Same-Sex Marriage RightsHouse Passes Bill Protecting Same-Sex Marriage Rights

Earlier this summer, the House passed the Respect for Marriage Act by a vote of 267 to 157. Forty-seven Republicans joined Democrats to support the bill.

Additional reporting by The Associated Press.

: newsy.com

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Filed Under: TRENDING Tagged With: Associated Press, Chuck Schumer, Democrats, Marriage, Marriages, Republicans, Senate, Sex, Summer

Trump Moves To General Election Mode With Pennsylvania Rally

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The stakes are particularly high for Trump as he lays the groundwork for an expected 2024 presidential run amid a series of legal challenges.

Larry Mitko voted for Donald Trump in 2016. But the Republican from Beaver County in western Pennsylvania says he has no plans to back his party’s nominee for Senate, Dr. Mehmet Oz — “no way, no how.”

Mitko doesn’t feel like he knows the celebrity heart surgeon, who only narrowly won his May primary with Trump’s backing. Instead, Mitko plans to vote for Oz’s Democratic rival, Lt. Gov. John Fetterman, a name he’s been familiar with since Fetterman’s days as mayor of nearby Braddock.

“Dr. Oz hasn’t showed me one thing to get me to vote for him,” he said. “I won’t vote for someone I don’t know.”

Mitko’s thinking underscores the political challenges facing Trump and the rest of the Republican Party as the former president was shifting to general election mode with a rally Saturday night in Wilkes-Barre, Pennsylvania, the first of the fall campaign.

While Trump’s endorsed picks won many Republican primaries this summer, many of the candidates he backed were inexperienced and polarizing figures now struggling in their November races. That’s putting Senate control — once assumed to be a lock for Republicans — on the line.

Among those candidates are Oz in Pennsylvania, author JD Vance in Ohio, venture capitalist Blake Masters in Arizona and former football star Herschel Walker in Georgia.

“Republicans have now nominated a number of candidates who’ve never run for office before for very high-profile Senate races,” said veteran Republican pollster Whit Ayres. While he isn’t writing his party’s chances off just yet, he said, “It’s a much more difficult endeavor than a candidate who had won several difficult political races before.”

Related StoryTrump Search Inventory Reveals New Details From FBI SeizureTrump Search Inventory Reveals New Details From FBI Seizure

The stakes are particularly high for Trump as he lays the groundwork for an expected 2024 presidential run amid a series of escalating legal challenges, including the FBI’s recent seizure of classified documents from his Florida home. Investigators also continue to probe his efforts to overturn the results of the 2020 election.

This past week, President Joe Biden gave a prime-time speech in Philadelphia warning that Trump and other “MAGA” Republicans — the acronym for Trump’s “Make America Great Again” campaign slogan — posed a threat to U.S. democracy. President Biden has tried to frame the upcoming vote, as he did the 2020 election, as a battle for the “soul of the nation.” President Biden’s Labor Day visit to Pittsburgh will be his third to the state within a week, a sign of Pennsylvania’s election-year importance.

While Republicans were once seen as having a good chance of gaining control of both chambers of Congress in November amid soaring inflation, high gas prices and President Biden’s slumping approval ratings, Republicans have found themselves on defense since the Supreme Court overturned the landmark Roe v. Wade decision protecting abortion rights.

Some candidates, like Doug Mastriano, the GOP’s hard-line nominee for governor in Pennsylvania, are sticking with their primary campaign playbooks, hoping they can win by turning out Trump’s loyal base even if they alienate more moderate voters.

Mastriano, who wants to outlaw abortion even when pregnancies are the result of rape or incest or endanger the life of the mother, played a leading role in Trump’s effort to overturn the 2020 election and was seen outside the U.S. Capitol on Jan. 6, 2021, as pro-Trump rioters stormed the building.

But others have been trying to broaden their appeal, scrubbing from their websites references to anti-abortion messaging that is out of step with the political mainstream. Masters, for instance, removed language from a policy section of his website that labeled him “100% pro-life,” as well as language saying, “if we had had a free and fair election, President Trump would be sitting in the Oval Office today.” Others have played down Trump endorsements that were once featured prominently.

The shifting climate has prompted rounds of finger-pointing in the party, including from Senate Minority Leader Mitch McConnell of Kentucky, who last month cited “candidate quality” as he lowered expectations that Republicans would recapture control of the Senate in November.

Florida Sen. Rick Scott, who leads the National Republican Senatorial Committee, said those who complain about the party’s nominees have “contempt” for the voters who chose them.

“It’s an amazing act of cowardice, and ultimately, it’s treasonous to the conservative cause,” he wrote in an op-ed in the Washington Examiner.

Trump, too, fired back, calling McConnell a “disgrace” as he defended the party’s candidate roster.

“There’s some very good people,” he said in a radio interview. “You know, takes a lot of courage to run and they spend their wealth on it and they put their reputations on the line.”

Democrats have also piled on.

“Senate campaigns are candidate versus candidate battles and Republicans have put forward a roster of deeply flawed recruits,” said David Bergstein, the Senate Democratic campaign committee’s communication director. He credited Trump with deterring experienced Republicans from running, elevating flawed candidates and forcing them to take positions that are out of step with the general electorate.

“All those factors have contributed to the weakness of the slate of Republican candidates they’ve been left with,” he said. A Trump spokesman did not respond to requests for comment.

In Pennsylvania, Republicans are hoping Oz’s shortcomings as a candidate will be overshadowed by concerns about Fetterman, who suffered a stroke just days before the primary and has been sidelined for much of the summer. He continues to keep a light public schedule and visibly struggled to speak at a recent event.

Republicans acknowledge that Oz struggles to come off as authentic and was slow to punch back as Fetterman spent the summer trolling him on social media and portraying him as an out-of-touch carpetbagger from New Jersey.

While Fetterman, whom Republicans deride as “Bernie Sanders in gym shorts,” leads Oz in polls and fundraising, Republicans say they expect the money gap to narrow and are pleased to see Oz within striking distance after getting hammered by $20 million in negative advertising during the primaries.

The National Republican Senatorial Committee is helping finance a new round of Oz’s television ads, and the Senate Leadership Fund, a McConnell-aligned super political action committee, says it added $9.5 million to its TV buy — boosting its overall commitment to $34.1 million by Election Day.

“Regardless of what people may have heard in the primary, they’re going to realize that Oz is the best choice for Pennsylvania,” said Pennsylvania Republican National Committeeman Andy Reilly.

A super PAC aligned with Senate Majority Leader Chuck Schumer, D-N.Y., says it has made $32 million in television ad reservations in the state.

Oz has won over some once-skeptical voters, like Glen Rubendall, who didn’t vote for the TV doctor in his seven-way primary — a victory so narrow it went to a statewide recount — but said he’s come around.

“I’ve been listening to him speak, and I have a pro-Oz view now,” said Rubendall, a retired state corrections officer.

Traci Martin, a registered independent, also plans to vote for Oz because she opposes abortion, despite ads that aired during the primary featuring past Oz statements that seemed supportive of abortion rights.

“I hope he is (anti-abortion),” Martin said, “but the sad part is we live in an age when we see politicians say one thing and do another.”

 Additional reporting by The Associated Press.

: newsy.com

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Filed Under: POLITICS, TRENDING, US Tagged With: Abortion, Advertising, Arizona, Associated Press, Bernie Sanders, Celebrity, Chuck Schumer, Donald Trump, FBI, Florida, Football, Gas, Georgia, Incest, Inflation, Joe Biden, Kentucky, Language, Leadership, Light, Media, Money, National, New Jersey, Ohio, Pennsylvania, Philadelphia, Policy, Radio, Republican Party, Republicans, Running, Senate, Social Media, Soul, State, Stroke, Summer, Television, Washington

2 New York Democrats Ousted From U.S. House In Primary Losses

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In addition to the primary races, New Yorkers elected two new House members to fill vacancies for the rest of the year.

In a cluster of contentious Democratic primaries Tuesday, two New York incumbents were ousted from the U.S. House after redistricting shuffled congressional districts in one of the nation’s largest liberal states.

Rep. Carolyn Maloney, a 15-term incumbent who chairs a powerful House committee, lost to longtime colleague Rep. Jerry Nadler, while Rep. Mondaire Jones, a first-term progressive who was one of the first openly gay Black members of Congress, was defeated by Daniel Goldman, a former federal prosecutor who served as counsel to House Democrats in the first impeachment inquiry against Donald Trump.

In other races in the state, the chair of the House Democrats’ campaign arm, Sean Patrick Maloney, survived a primary challenge of his own from a progressive. Democrats held on to a swing district in a special election — at least for a few more months.

Some of the top elections:

END OF AN ERA

Nadler and Carolyn Maloney each chair powerful committees and had spent 30 years representing Manhattan’s Upper West Side and Upper East Side, respectively. But they ended up in the same race after new redistricting maps merged much of their longtime congressional districts.

The race for New York’s 12th District, between Maloney, 76, and Nadler, 75, became contentious. The two stopped speaking after deciding to run against each other, Nadler said, and the campaign became barbed, with Maloney questioning his mental acuity.

Nadler, who was endorsed by Senate Majority Leader Chuck Schumer, has talked up his role overseeing Trump’s impeachments while serving as chair of the House Judiciary Committee. Maloney has touted her own check on the former president while serving as chair of the powerful House Oversight Committee and positioned herself as a feminist champion.

Challenging them both was 38-year-old lawyer Suraj Patel, who argued it was time for a new face in Congress.

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A CROWDED FIELD FOR AN OPEN SEAT

With Nadler and Maloney running in the district immediately north, a congressional seat covering southern Manhattan, including Wall Street, and Brooklyn, was a rare open contest in one of the most liberal and influential areas of the country.

Goldman, a Democratic attorney who built his reputation as a federal mob and securities fraud prosecutor but made a national name for himself as House Democrats’ lead counsel in Trump’s first impeachment hearing, won a crowded primary for New York’s 10th District, which attracted a bevy of progressive candidates. Among the contenders was Jones, a congressman from the New York City suburbs, who moved to the area to run and finished third in the primary.

HOUSE DEMOCRATS’ CAMPAIGN CHIEF WINS PRIMARY

Sean Patrick Maloney, who became New York’s first openly gay congressman when he was elected a decade ago, survived a primary challenge from state Sen. Alessandra Biaggi in New York’s new 17th District, home to idyllic towns along the historic Hudson River Valley.

Maloney, who had the backing of former President Bill Clinton, campaigned on Democrats’ recent legislative wins in Congress and warned that the congressional seat could fall to Republicans in November if the Democratic nominee is too liberal.

Biaggi, a 36-year-old progressive endorsed by Rep. Alexandria Ocasio-Cortez, is a granddaughter of former Bronx congressman Mario Biaggi. She had sought to portray Maloney as out of touch and part of the establishment.

STATE GOP CHAIR DEFEATS CONTROVERSIAL CANDIDATE

New York’s Republican Party chair, Nick Langworthy, won a primary in western New York by defeating controversial Buffalo businessman Carl Paladino in New York’s redrawn 23rd District.

Paladino, who unsuccessfully ran for governor in 2010, has a long history of inflammatory and offensive remarks, including recent comments that praised Adolf Hitler and circulated conspiracy theories around mass shootings.

The heated primary came as Langworthy and Paladino sought to replace GOP Rep. Chris Jacobs, who decided not to seek reelection after facing backlash from his own party for voicing support for an assault weapons ban following a racist mass shooting in his hometown of Buffalo in May.

A WIN FOR REPUBLICANS, A WIN FOR DEMOCRATS IN SPECIAL ELECTIONS

In addition to the primary races, New Yorkers elected two new House members to fill vacancies for the rest of the year.

Democrat Pat Ryan won one of the special elections, a battleground race in southern and central New York to replace Democrat Antonio Delgado, who became New York’s lieutenant governor. Ryan defeated Republican Marc Molinaro in what is currently New York’s 19th Congressional District.

In western New York, Republican Joe Sempolinski defeated Democrat Max Della Pia in a special general election to serve out the rest of the year in what is currently New York’s 23rd District. Sempolinski will replace Republican Rep. Tom Reed, who resigned in May after being accused of sexual misconduct.

Additional reporting by The Associated Press.

: newsy.com

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Filed Under: TRENDING Tagged With: Adolf Hitler, Alexandria Ocasio-Cortez, Arm, Associated Press, Bill Clinton, Brooklyn, Chairs, Chuck Schumer, Conspiracy Theories, Country, Democrats, Donald Trump, Elections, Florida, History, Impeachment, Judiciary, Maps, Mass Shootings, National, New York, New York City, Race, Republican Party, Republicans, Running, Senate, State, York

Student Loan Help For Millions Coming From Biden After Delay

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The precise details of President Biden’s plan were reportedly still not finalized on the eve of the announcement.

President Joe Biden on Wednesday is set to announce his long-delayed move to forgive up to $10,000 in federal student loans for many Americans and extend a pause on payments to January, according to three people familiar with the plan.

President Biden has faced pressure from liberals to provide broader relief to hard-hit borrowers, and from moderates and Republicans questioning the fairness of any widespread forgiveness. The delay in Biden’s decision has only heightened the anticipation for what his own aides acknowledge represents a political no-win situation. The people spoke on the condition of anonymity to discuss Biden’s intended announcement ahead of time.

The precise details of President Biden’s plan, which will include an income cap limiting the forgiveness to only those earning less than $125,000 a year, were being kept to an unusually small circle within the Biden administration and were still not finalized on the eve of the announcement.

Down-to-the-wire decision-making has been a hallmark of the Biden White House, but the particular delay on student loans reflects the vexing challenge confronting him in fulfilling a key campaign promise.

The plan would likely eliminate student debt entirely for millions of Americans and wipe away at least half for millions more.

The nation’s federal student debt now tops $1.6 trillion after ballooning for years. More than 43 million Americans have federal student debt, with almost a third owing less than $10,000 and more than half owing less than $20,000, according to the latest federal data.

The continuation of the pandemic-era payment freeze comes just days before millions of Americans were set to find out when their next student loan bills will be due. This is the closest the administration has come to hitting the end of the payment freeze extension, with the current pause set to end Aug. 31.

Wednesday’s announcement was set for the White House after President Biden returns from vacation in Rehoboth Beach, Delaware. The administration had briefly considered higher education schools in the president’s home state for a larger reveal, but scaled back their plans.

President Biden was initially skeptical of student loan debt cancellation as he faced off against more progressive Sens. Elizabeth Warren, D-Mass., and Bernie Sanders, I-Vt., who had proposed cancellations of $50,000 or more, during the 2020 primaries.

As he tried to shore up support among younger voters and prepare for a general election battle against then-President Donald Trump, candidate Biden unveiled his initial proposal for debt cancellation of $10,000 per borrower, with no mention of an income cap.

President Biden narrowed his campaign promise in recent months by embracing the income limit as soaring inflation took a political toll and as he aimed to head off political attacks that the cancellation would benefit those with higher take-home pay. But Democrats, from members of congressional leadership to those facing tough re-election bids this November, have pushed the administration to go as broad as possible on debt relief, seeing it in part as a galvanizing issue, particularly for Black and young voters this fall.

The frenzied last-minute lobbying continued Tuesday even as President Biden remained on his summer vacation. Senate Majority Leader Chuck Schumer, D-N.Y., one of the loudest advocates in recent years for canceling student loan debt, spoke privately on the phone with Biden, imploring the president to forgive as much debt as the administration can, according to a Democrat with knowledge of the call.

In his pitch, Schumer argued to President Biden that doing so was the right thing to do morally and economically, said the Democrat, who asked for anonymity to describe a private conversation.

Inside the administration, officials have discussed since at least early summer forgiving more than $10,000 of student debt for certain categories of borrowers, such as Pell Grant recipients, according to three people with knowledge of the deliberations. That remained one of the final variables being considered by President Biden heading into Wednesday’s announcement.

Democrats are betting that President Biden, who has seen his public approval rating tumble over the last year, can help motivate younger voters to the polls in November with the announcement.

Although President Biden’s plan is narrower than what he initially proposed during the campaign, “he’ll get a lot of credit for following through on something that he was committed to,” said Celinda Lake, a Democratic pollster who worked with Biden during the 2020 election.

She described student debt as a “gateway issue” for younger voters, meaning it affects their views and decisions on housing affordability and career choices. A survey of 18- to 29-year-olds conducted by the Harvard Institute of Politics in March found that 59% of those polled favored debt cancellation of some sort — whether for all borrowers or those most in need — although student loans did not rank high among issues that most concerned people in that age group.

Some advocates were already bracing for disappointment.

“If the rumors are true, we’ve got a problem,” Derrick Johnson, the president of the NAACP, which has aggressively lobbied President Biden to take bolder action, said Tuesday. He emphasized that Black students face higher debut burdens than white students.

“President Biden’s decision on student debt cannot become the latest example of a policy that has left Black people — especially Black women — behind,” he said. “This is not how you treat Black voters who turned out in record numbers and provided 90% of their vote to once again save democracy in 2020.”

John Della Volpe, who worked as a consultant on President Biden’s campaign and is the director of polling at the Harvard Kennedy School Institute of Politics, said the particulars of President Biden’s announcement were less important than the decision itself.

“It’s about trust in politics, in government, in our system. It’s also about trust in the individual, which in this case is President Biden.”

Combined with fears about expanding abortion restrictions and Trump’s reemergence on the political scene, Della Volpe said student debt forgiveness “adds an additional tailwind to an already improving position with young people.”

Republicans, meanwhile, see only political upside if President Biden pursues a large-scale cancellation of student debt ahead of the November midterms, anticipating backlash for Democrats — particularly in states where there are large numbers of working-class voters without college degrees. Critics of broad student debt forgiveness also believe it will open the White House to lawsuits, on the grounds that Congress has never given the president the explicit authority to cancel debt on his own.

The Republican National Committee on Tuesday blasted President Biden’s expected announcement as a “handout to the rich,” claiming it would unfairly burden lower-income taxpayers and those who have already paid off their student loans with covering the costs of higher education for the wealthy.

“My neighbor, a detective, worked 3 jobs (including selling carpet) & his wife worked to make sure their daughter got quality college degree w/no student debt,” Rep. Kevin Brady, R-Texas, the top Republican on the House Ways and Means Committee, tweeted Tuesday. “Big sacrifice. Now their taxes must pay off someone else’s student debt?”

President Biden’s elongated deliberations have sent federal loan servicers, who have been instructed to hold back billing statements while he weighed a decision, grumbling.

Industry groups had complained that the delayed decision left them with just days to notify borrowers, retrain customer service workers and update websites and digital payment systems, said Scott Buchanan, executive director of the Student Loan Servicing Alliance.

It increases the risk that some borrowers will inadvertently be told they need to make payments, he said.

“At this late stage I think that’s the risk we’re running,” he said. “You can’t just turn on a dime with 35 million borrowers who all have different loan types and statuses.”

Additional reporting by The Associated Press.

: newsy.com

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Filed Under: POLITICS, TRENDING, US Tagged With: Abortion, affordability, Associated Press, Bernie Sanders, Biden administration, Black People, Chuck Schumer, Debt relief, Delaware, Democrats, Donald Trump, Education, Elizabeth Warren, Government, Higher education, Housing, Housing Affordability, Income, Inflation, Jobs, Joe Biden, Leadership, Lobbying, National, Next, PAID, Pay, Policy, Politics, Republicans, Running, Schools, Senate, Stage, State, Student Loans, Students, Summer, taxes, Women, Young people

2 Top House Democrats Battle In New York Primary

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By Associated Press

and Newsy Staff
August 23, 2022

Voters will choose Tuesday between U.S. Rep. Jerry Nadler and U.S. Rep. Carolyn Maloney in a rare face-off between incumbents due to redistricting.

He helped lead the fight to impeach Donald Trump. She battled for people sickened by clouds of toxic soot after the Sept. 11 attacks.

At least one of New York City’s most veteran members of Congress will be voted out of office Tuesday in a Democratic primary pitting U.S. Rep. Jerry Nadler against U.S. Rep. Carolyn Maloney in a race both hoped to avoid.

At least one of New York City’s most veteran members of Congress will be voted out of office Tuesday in an unusual Democratic primary between incumbents.

Neither was willing to run in another part of the city.

Related StoryVoters In 4 States Head To The Polls For Primary ElectionsVoters In 4 States Head To The Polls For Primary Elections

Nadler and Maloney are joined in the race by 38-year-old Suraj Patel, a lawyer and lecturer at New York University who also challenged Maloney in Democratic primaries in 2018 and 2020. A fourth candidate, Ashmi Sheth, a former Federal Reserve Bank of New York employee, is on the ballot but did not meet fundraising benchmarks to qualify for debates.

Nadler, 75, was first elected to Congress in 1992. As chair of the House Judiciary Committee, he led both impeachments of Republican former President Donald Trump. He was buoyed in the last weeks of the campaign by endorsements from The New York Times and Senate Majority Leader Chuck Schumer.

Maloney, 76, was also first elected in 1992. She is the first woman to chair the House Oversight and Reform Committee. She is known for her longtime advocacy for Sept. 11 first responders seeking compensation for diseases they attribute to contamination from the destruction of the World Trade Center. She wore a firefighter’s jacket on Capitol Hill and at the 2019 Met Gala.

Few policy differences between Nadler, Maloney and Patel emerged during the primary campaign.

All support abortion rights, the Green New Deal and tighter restrictions on gun ownership. Patel argued that Nadler’s and Maloney’s generation failed to achieve Democratic goals like codifying Roe v. Wade and should cede to new blood.

Nadler and Maloney countered that their seniority in Congress brings clout that benefits New Yorkers.

Friends for many years, the two Democrats lamented having to run against each other — something that only happened after a court redrew the boundaries of the state’s congressional districts after concluding the legislature botched the process.

“I didn’t want to run against my good friend, Jerry Nadler,” Maloney said at a recent debate. “We have been friends and allies for years. Unfortunately, we were drawn into the same district.”

Still, on the campaign trail Maloney said that as a woman, she would fight harder to protect abortion rights than Nadler.

Asked at a debate how his record differed from that of Maloney, Nadler cited his votes against the Iraq War and the Patriot Act, and in favor of the Iran nuclear deal. Maloney, also elected to Congress in 1992, voted the other way on all three.

Maloney also came under fire from her opponents for her past positions on vaccines, including in 2006 when she introduced legislation directing the federal government to study the debunked theory that vaccines can cause autism. Maloney insisted that she supports vaccines and regretted ever questioning vaccine safety.

The primary winner in the overwhelmingly Democratic district will face Republican Michael Zumbluskas in the November general election.

Additional reporting by The Associated Press.

: newsy.com

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Filed Under: TRENDING Tagged With: Abortion, Associated Press, Autism, Benefits, Blood, Chuck Schumer, Democrats, Donald Trump, Elections, Federal Reserve, Federal Reserve Bank of New York, Friends, Government, Iran, Iran nuclear deal, Iraq, Judiciary, New York, New York City, New York Times, New York University, Policy, Race, safety, Senate, State, trade, York

Sen. Sinema Took Wall Street Money While Killing Tax On Investors

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The revelation comes after Sen. Sinema single-handedly thwarted her party’s long-standing goal of raising taxes on such investors.

Sen. Kyrsten Sinema, the Arizona Democrat who single-handedly thwarted her party’s longtime goal of raising taxes on wealthy investors, received nearly $1 million over the past year from private equity professionals, hedge fund managers and venture capitalists whose taxes would have increased under the plan.

For years, Democrats have promised to raise taxes on such investors, who pay a significantly lower rate on their earnings than ordinary workers. But just as they closed in on that goal last week, Sinema forced a series of changes to her party’s $740 billion election-year spending package, eliminating a proposed “carried interest” tax increase on private equity earnings while securing a $35 billion exemption that will spare much of the industry from a separate tax increase other huge corporations now have to pay.

The bill, with Sinema’s alterations intact, was given final approval by Congress on Friday and is expected to be signed by President Joe Biden next week.

Sinema has long aligned herself with the interests of private equity, hedge funds and venture capital, helping her net at least $1.5 million in campaign contributions since she was elected to the House a decade ago. But the $983,000 she has collected since last summer more than doubled what the industry donated to her during all of her preceding years in Congress combined, according to an Associated Press review of campaign finance disclosures.

The donations, which make Sinema one of the industry’s top beneficiaries in Congress, serve a reminder of the way that high-power lobbying campaigns can have dramatic implications for the way legislation is crafted, particularly in the evenly divided Senate where there are no Democratic votes to spare. They also highlight a degree of political risk for Sinema, whose unapologetic defense of the industry’s favorable tax treatment is viewed by many in her party as indefensible.

“From their vantage point, it’s a million dollars very well spent,” said Dean Baker, a senior economist at the Center for Economic and Policy Research, a liberal-leaning think tank. “It’s pretty rare you see this direct of a return on your investment. So, I guess I would congratulate them.”

Sinema’s office declined to make her available for an interview. Hannah Hurley, a Sinema spokesperson, acknowledged the senator shares some of the industry’s views on taxation, but rebuffed any suggestion that the donations influenced her thinking.

“Senator Sinema makes every decision based on one criteria: what’s best for Arizona,” Hurley said in a statement. “She has been clear and consistent for over a year that she will only support tax reforms and revenue options that support Arizona’s economic growth and competitiveness.”

The American Investment Council, a trade group that lobbies on behalf of private equity, also defended their push to defeat the tax provisions.

“Our team worked to ensure that members of Congress from both sides of the aisle understand how private equity directly employs workers and supports small businesses throughout their communities,” Drew Maloney, the organization’s CEO and president, said in a statement.

Sinema’s defense of wealthy investors’ tax treatment offers a jarring contrast to her background as a Green Party activist and self-styled “Prada socialist” who once likened accepting campaign cash to “bribery” and later called for “big corporations & the rich to pay their fair share” before launching her first campaign for Congress in 2012.

She’s been far more magnanimous since, praising private equity in 2016 from the House floor for providing “billions of dollars each year to Main Street businesses.” After her election to the Senate, Sinema interned during the 2020 congressional recess at a private equity mogul’s boutique winery in northern California.

The soaring contributions from the industry to Sinema trace back to last summer. That’s when she first made clear that she wouldn’t support a carried interest tax increase, as well as other corporate and business tax hikes included in an earlier iteration of President Biden’s agenda.

During a two-week period in September alone, Sinema collected $47,100 in contributions from 16 high-ranking officials from the private equity firm Welsh, Carson, Anderson & Stowe, records show. Employees and executives of KKR, another private equity behemoth, contributed $44,100 to Sinema during a two-month span in late 2021.

In some cases, the families of private equity managers joined in. David Belluck, a partner at the firm Riverside Partners, gave a $5,800 max-out contribution to Sinema one day in late June. So did three of his college-age kids, with the family collectively donating $23,200, records show.

“I generally support centrist Democrats and her seat is important to keep a Democratic Senate majority,” Belluck said, adding that his family has known Sinema since her election to Congress. “She and I have never discussed private equity taxation.”

The donations from the industry coincide with a $26 million lobbying effort spearheaded by the investment firm Blackstone that culminated on the Senate floor last weekend.

By the time the bill was up for debate during a marathon series of votes, Sinema had already forced Democrats to abandon their carried interest tax increase.

“Senator Sinema said she would not vote for the bill .. unless we took it out,” Senate Majority Leader Chuck Schumer told reporters last week. “We had no choice.”

But after private equity lobbyists discovered a provision in the bill that would have subjected many of them to a separate 15% corporate minimum tax, they urgently pressed Sinema and other centrist Democrats for changes, according to emails as well as four people with direct knowledge of the matter who requested anonymity to discuss internal deliberations.

“Given the breaking nature of this development we need as many offices as possible weighing in with concerns to Leader Schumer’s office,” Blackstone lobbyist Ryan McConaghy wrote in a Saturday afternoon email obtained by the AP, which included proposed language for modifying the bill. “Would you and your boss be willing to raise the alarm on this and express concerns with Schumer and team?”

McConaghy did not respond to a request for comment.

Sinema worked with Republicans on an amendment that stripped the corporate minimum tax on private equity from the bill, which a handful of vulnerable Democrats also voted for.

“Since she has been in Congress, Kyrsten has consistently supported pro-growth policies that encourage job creation across Arizona. Her tax policy positions and focus on growing Arizona’s economy and competitiveness are longstanding and well known,” Hurley, the Sinema spokesperson, said.

But many in her party disagree. They say the favorable tax treatment does little to boost the overall economy and argue there’s little compelling evidence to suggest its benefits are enjoyed beyond some of the wealthiest investors.

Some of Sinema’s donors make their case.

Blackstone, a significant source of campaign contributions, owns large tracts of real estate in Sinema’s home state, Arizona. The firm was condemned by United Nations experts in 2019 who said Blackstone’s financial model was responsible for a “financialization of housing” that has driven up rents and home costs, “pushing low-income, and increasingly middle-income people from their homes.”

Blackstone employees, executives and their family members have given Sinema $44,000 since 2018, records show.

In a statement, Blackstone called the allegations by the U.N. experts “false and misleading” and said all employee contributions are “strictly personal.” The firm added that it was “incredibly proud of its investments in housing.”

Another significant financial services donor is Centerbridge Partners, a New York-based firm that buys up the debt of distressed governments and companies and often uses hardball tactics to extract value. Since 2017, Sinema has collected at least $29,000 from donors associated with the firm, including co-founder Mark Gallogly and his wife, Elizabeth Strickler, records show.

In 2012, Centerbridge Partners purchased Arizona-based restaurant chain P.F. Chang’s for roughly $1 billion. After loading the struggling company up with $675 million of debt, they sold it to another private equity group in 2019, according to Bloomberg News. The company received a $10 million coronavirus aid loan to cover payroll, which the federal government later forgave, but shed jobs and closed locations as it struggled with the pandemic.

Centerbridge Partners was also part of a consortium of hedge funds that helped usher in an era of austerity in Puerto Rico after buying up billions of dollars of the island government’s $72 billion debt — and filing legal proceedings to collect. A subsidiary of Centerbridge Partners was among a group of creditors who repeatedly sued one of the U.S. territory’s pension funds. In one 2016 lawsuit, the group of creditors asked a judge to divert money from a Puerto Rican pension fund in order to collect.

A Centerbridge representative could not provide comment.

Liberal activists in Arizona say they plan to make Sinema’s reliance on donations from wealthy investors a campaign issue when she is up for reelection in 2024.

“There are many takes on how to win, but there is no universe in which it is politically smart to fight for favorable tax treatment of the wealthiest people in the country,” said Emily Kirkland, a political consultant who works for progressive candidates. “It’s absolutely going to be a potent issue.”

Additional reporting by The Associated Press.

: newsy.com

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Senate Democrats Approve Big Biden Deal; House To Vote Next

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The estimated $740 billion package heads next to the House, where lawmakers are poised to deliver on President Biden’s priorities.

Democrats pushed their election-year economic package to Senate passage Sunday, a hard-fought compromise less ambitious than President Joe Biden’s original domestic vision but one that still meets deep-rooted party goals of slowing global warming, moderating pharmaceutical costs and taxing immense corporations.

The estimated $740 billion package heads next to the House, where lawmakers are poised to deliver on President Biden’s priorities, a stunning turnaround of what had seemed a lost and doomed effort that suddenly roared back to political life. Democrats held united, 51-50, with Vice President Kamala Harris casting the tie-breaking vote.

“It’s been a long, tough and winding road, but at last, at last we have arrived,” said Senate Majority Leader Chuck Schumer ahead of final votes.

“The Senate is making history. I am confident the Inflation Reduction Act will endure as one of the defining legislative measures of the 21st century.”

Senators engaged in a round-the-clock marathon of voting that began Saturday and stretched late into Sunday afternoon. Democrats swatted down some three dozen Republican amendments designed to torpedo the legislation. Confronting unanimous GOP opposition, Democratic unity in the 50-50 chamber held, keeping the party on track for a morale-boosting victory three months from elections when congressional control is at stake.

“I think it’s gonna pass,” President Biden told reporters as he left the White House early Sunday to go to Rehoboth Beach, Delaware, ending his COVID-19 isolation. The House seemed likely to provide final congressional approval when it returns briefly from summer recess on Friday.

The bill ran into trouble midday over objections to the new 15% corporate minimum tax that private equity firms and other industries disliked, forcing last-minute changes.

Despite the momentary setback, the “Inflation Reduction Act” gives Democrats a c ampaign-season showcase for action on coveted goals. It includes the largest-ever federal effort on climate change — close to $400 billion — caps out-of-pocket drug costs for seniors on Medicare to $2,000 a year and extends expiring subsidies that help 13 million people afford health insurance. By raising corporate taxes, the whole package is paid for, with some $300 billion extra revenue for deficit reduction.

Barely more than one-tenth the size of President Biden’s initial 10-year, $3.5 trillion rainbow of progressive aspirations in his Build Back Better initiative, the new package abandons earlier proposals for universal preschool, paid family leave and expanded child care aid. That plan collapsed after conservative Sen. Joe. Manchin opposed it, saying it was too costly and would fuel inflation.

Nonpartisan analysts have said the “Inflation Reduction Act” would have a minor effect on surging consumer prices.

Republicans said the measure would undermine an economy that policymakers are struggling to keep from plummeting into recession. They said the bill’s business taxes would hurt job creation and force prices skyward, making it harder for people to cope with the nation’s worst inflation since the 1980s.

“Democrats have already robbed American families once through inflation, and now their solution is to rob American families a second time,” Senate Minority Leader Mitch McConnell argued. He said spending and tax increases in the legislation would eliminate jobs while having insignificant impact on inflation and climate change.

In an ordeal imposed on all budget bills like this one, the Senate had to endure an overnight “vote-a-rama” of rapid-fire amendments. Each tested Democrats’ ability to hold together a compromise negotiated by Schumer, progressives, Manchin and the inscrutable centrist Sen. Kyrsten Sinema.

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.

Before debate began Saturday, the bill’s prescription drug price curbs were diluted by the Senate’s nonpartisan parliamentarian. Elizabeth MacDonough, who referees questions about the chamber’s procedures, said a provision should fall that would impose costly penalties on drug makers whose price increases for private insurers exceed inflation.

It was the bill’s chief protection for the 180 million people with private health coverage they get through work or purchase themselves. Under special procedures that will let Democrats pass their bill by simple majority without the usual 60-vote margin, its provisions must be focused more on dollar-and-cents budget numbers than policy changes.

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 bill also caps Medicare patients’ costs for insulin, the expensive diabetes medication, at $35 monthly. Democrats wanted to extend the $35 cap to private insurers but it ran afoul of Senate rules. Most Republicans voted to strip it from the package, though in a sign of the political potency of health costs seven GOP senators joined Democrats trying to preserve it.

The measure’s final costs were being recalculated to reflect late changes, but overall it would raise more than $700 billion over a decade. The money would come from a 15% minimum tax on a handful of corporations with yearly profits above $1 billion, a 1% tax on companies that repurchase their own stock, bolstered IRS tax collections and government savings from lower drug costs.

Sinema forced Democrats to drop a plan to prevent wealthy hedge fund managers from paying less than individual income tax rates for their earnings. She also joined with other Western senators to win $4 billion to combat the region’s drought.

Several Democratic senators joined the GOP-led effort to exclude some firms from the new corporate minimum tax.

The package keeps to President Biden’s pledge not to raise taxes on those earning less than $400,000 a year.

It was on the energy and environment side that compromise was most evident between progressives and Manchin, a champion of fossil fuels and his state’s coal industry.

Clean energy would be fostered with tax credits for buying electric vehicles and manufacturing solar panels and wind turbines. There would be home energy rebates, funds for constructing factories building clean energy technology and money to promote climate-friendly farm practices and reduce pollution in minority communities.

Manchin won billions to help power plants lower carbon emissions plus language requiring more government auctions for oil drilling on federal land and waters. Party leaders also promised to push separate legislation this fall to accelerate permits for energy projects, which Manchin wants to include a nearly completed natural gas pipeline in his state.

Additional reporting by The Associated Press.

: newsy.com

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Filed Under: POLITICS, TRENDING, US Tagged With: Aid, Associated Press, Auctions, Benefits, Bernie Sanders, budget, Bullies, Business, Child Care, Chuck Schumer, Climate change, Coal, Communities, Corporate Taxes, Corporations, COVID-19, Delaware, Democrats, Diabetes, Drought, Drugs, earnings, Economy, Elderly, Elections, Energy, Environment, Family, Fossil fuels, Gas, Global Warming, Government, Health, Health insurance, History, Income, Income Tax, Industries, Industry, Inflation, Insurance, Jobs, Joe Biden, Kamala Harris, Language, Law, Marathon, Medicare, Money, Natural Gas, Next, Oil, PAID, Plants, Policy, Pollution, Private Equity, Recession, Republicans, Savings, Senate, Seniors, State, Summer, Tax, taxes, technology, Wind

Dems Push Biden Climate, Health Priorities Toward Senate OK

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Democrats intend to combat inflation, prescription drug costs and fight climate change with their their election-year economic package.

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.

Debate began Saturday and by early Sunday morning, Democrats had swatted down over a dozen Republican amendments designed to torpedo the legislation or create campaign ads attacking Democratic senators. Despite unanimous GOP opposition, Democratic unity in the 50-50 chamber — buttressed by Vice President Kamala Harris’ tiebreaking vote — suggested the party was on track for a morale-boosting victory three months from elections when congressional control is at stake.

“I think it’s gonna pass,” President Biden told reporters as he left the White House early Sunday to go to Rehoboth Beach, Delaware, ending his COVID-19 isolation. The House seemed on track to provide final congressional approval when it returns briefly from summer recess on Friday.

“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, said of the package. “It will help every citizen in this country and make America a much better place.”

Republicans said the measure would undermine an economy that policymakers are struggling to keep from plummeting into recession. They said the bill’s business taxes would hurt job creation and force prices skyward, making it harder for people to cope with the nation’s worst inflation since the 1980s.

“Democrats have already robbed American families once through inflation, and now their solution is to rob American families a second time,” Senate Minority Leader Mitch McConnell, R-Ky., argued. He said spending and tax increases in the legislation would eliminate jobs while having insignificant impact on inflation and climate change.

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 President 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.

Even so, the new measure gives Democrats a campaign-season showcase for action on coveted goals. It includes the largest ever federal effort on climate change — close to $400 billion — hands Medicare the power to negotiate pharmaceutical prices and extends expiring subsidies that help 13 million people afford health insurance.

President Biden’s original measure collapsed after conservative Sen. Joe Manchin, D-W.Va., opposed it, saying it was too costly and would fuel inflation.

In an ordeal imposed on all budget bills like this one, the Senate had to endure an overnight “vote-a-rama” of rapid-fire amendments. Each tested Democrats’ ability to hold together a compromise negotiated by Schumer, progressives, Manchin and the inscrutable centrist Sen. Kyrsten Sinema, D-Ariz.

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.

Before debate began Saturday, the bill’s prescription drug price curbs were diluted by the Senate’s nonpartisan parliamentarian. Elizabeth MacDonough, who referees questions about the chamber’s procedures, said a provision should fall that would impose costly penalties on drug makers whose price increases for private insurers exceed inflation.

It was the bill’s chief protection for the 180 million people with private health coverage they get through work or purchase themselves. Under special procedures that will let Democrats pass their bill by simple majority without the usual 60-vote margin, its provisions must be focused more on dollar-and-cents budget numbers than policy changes.

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 bill also caps patients’ costs for insulin, the expensive diabetes medication, at $35 monthly.

The measure’s final costs were being recalculated to reflect late changes, but overall it would raise more than $700 billion over a decade. The money would come from a 15% minimum tax on a handful of corporations with yearly profits above $1 billion, a 1% tax on companies that repurchase their own stock, bolstered IRS tax collections and government savings from lower drug costs.

Sinema forced Democrats to drop a plan to prevent wealthy hedge fund managers from paying less than individual income tax rates for their earnings. She also joined with other Western senators to win $4 billion to combat the region’s drought.

It was on the energy and environment side that compromise was most evident between progressives and Manchin, a champion of fossil fuels and his state’s coal industry.

Clean energy would be fostered with tax credits for buying electric vehicles and manufacturing solar panels and wind turbines. There would be home energy rebates, funds for constructing factories building clean energy technology and money to promote climate-friendly farm practices and reduce pollution in minority communities.

Manchin won billions to help power plants lower carbon emissions plus language requiring more government auctions for oil drilling on federal land and waters. Party leaders also promised to push separate legislation this fall to accelerate permits for energy projects, which Manchin wants to include a nearly completed natural gas pipeline in his state.

Additional reporting by the Associated Press.

: newsy.com

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Dems’ Climate, Energy, Tax Bill Clears Initial Senate Hurdle

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United Democrats pushed the 755-page measure through the Senate on a party-line vote.

A divided Senate voted Saturday to start debating Democrats’ election-year economic bill, boosting the sprawling collection of President Joe Biden’s priorities on climate, energy, health and taxes past its initial test as it starts moving through Congress.

In a preview of votes expected on a mountain of amendments, united Democrats pushed the legislation through the evenly divided chamber by 51-50, with Vice President Kamala Harris breaking the tie and overcoming unanimous Republican opposition. The package, a dwindled version of earlier multitrillion-dollar measures that Democrats failed to advance, has become a partisan battleground over inflation, gasoline prices and other issues that polls show are driving voters.

The House, where Democrats have a slender majority, could give it final approval next Friday when lawmakers plan to return to Washington.

The vote came after the Senate parliamentarian gave a thumbs-up to most of Democrats’ revised 755-page bill. But Elizabeth MacDonough, the chamber’s nonpartisan rules arbiter, said Democrats had to drop a significant part of their plan for curbing drug prices.

MacDonough said Democrats violated Senate budget rules with language imposing hefty penalties on drug makers who boost their prices beyond inflation in the private insurance market. Those were the bill’s chief pricing protections for the roughly 180 million people whose health coverage comes from private insurance, either through work or bought on their own.

Other pharmaceutical provisions were left intact, including giving Medicare the power to negotiate what it pays for drugs for its 64 million elderly recipients, a longtime Democratic aspiration. Penalties on manufacturers for exceeding inflation would apply to drugs sold to Medicare, and there is a $2,000 annual out-of-pocket cap on drug costs and free vaccines for Medicare beneficiaries.

“The time is now to move forward with a big, bold package for the American people,” said Senate Majority Leader Chuck Schumer. “This historic bill will reduce inflation, lower costs, fight climate change. It’s time to move this nation forward.”

Senate Minority Leader Mitch McConnell said Democrats “are misreading the American people’s outrage as a mandate for yet another reckless taxing and spending spree.” He said Democrats “have already robbed American families once through inflation and now their solution is to rob American families yet a second time.”

Saturday’s vote capped a startling 10-day period that saw Democrats resurrect top components of President Biden’s agenda that had seemed dead. In rapid-fire deals with Democrats’ two most unpredictable senators — first conservative Joe Manchin of West Virginia, then Arizona centrist Kyrsten Sinema — Schumer pieced together a package that would give the party an achievement against the backdrop of this fall’s congressional elections.

A White House statement said the legislation “would help tackle today’s most pressing economic challenges, make our economy stronger for decades to come, and position the United States to be the world’s leader in clean energy.”

Assuming Democrats fight off a nonstop “vote-a-rama” of amendments — many designed by Republicans to derail the measure — they should be able to muscle the measure through the Senate.

“What will vote-a-rama be like? It will be like hell,” Sen. Lindsey Graham of South Carolina, the top Republican on the Senate Budget Committee, said of the approaching GOP amendments. He said that in supporting the Democratic bill, Manchin and Sinema “are empowering legislation that will make the average person’s life more difficult” by forcing up energy costs with tax increases and making it harder for companies to hire workers.

The bill offers spending and tax incentives favored by progressives for buying electric vehicles and making buildings more energy efficient. But in a bow to Manchin, whose state is a leading fossil fuel producer, there is also money to reduce coal plant carbon emissions and language requiring the government to open more federal land and waters to oil drilling.

Expiring subsidies that help millions of people afford private insurance premiums would be extended for three years, and there is $4 billion to help Western states combat drought. A new provision would create a $35 monthly cap for insulin, the expensive diabetes medication, for Medicare and private insurance patients starting next year. It seemed possible that language could be weakened or removed during debate.

Reflecting Democrats’ calls for tax equity, there would be a new 15% minimum tax on some corporations that earn over $1 billion annually but pay far less than the current 21% corporate tax. Companies buying back their own stock would be taxed 1% for those transactions, swapped in after Sinema refused to support higher taxes on private equity firm executives and hedge fund managers. The IRS budget would be pumped up to strengthen its tax collections.

While the bill’s final costs are still being determined, it overall would spend close to $400 billion over 10 years to slow climate change, which analysts say would be the country’s largest investment in that effort, and billions more on health care. It would raise more than $700 billion in taxes and from government drug cost savings, leaving about $300 billion for deficit reduction over the coming decade — a blip compared to that period’s projected $16 trillion in budget shortfalls.

Democrats are using special procedures that would let them pass the measure without having to reach the 60-vote majority that legislation often needs in the Senate.

The parliamentarian decides whether parts of legislation must be dropped for violating those rules, which include a requirement that provisions be chiefly aimed at affecting the federal budget, not imposing new policy.

Additional reporting by The Associated Press.

: newsy.com

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Senate Rules Referee Weakens Dem Drug Plan In Economic Bill

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Lawmakers must remove language imposing hefty penalties on drugmakers that boost their prices beyond inflation in the private insurance market.

The Senate parliamentarian on Saturday dealt a blow to Democrats’ plan for curbing drug prices but left the rest of their sprawling economic bill largely intact as party leaders prepared for first votes on a package containing many of President Joe Biden’s top domestic goals.

Elizabeth MacDonough, the chamber’s nonpartisan rules arbiter, said lawmakers must remove language imposing hefty penalties on drugmakers that boost their prices beyond inflation in the private insurance market. Those were the bill’s chief pricing protections for the roughly 180 million people whose health coverage comes from private insurance, either through work or bought on their own.

Other major provisions were left intact, including giving Medicare the power to negotiate what it pays for pharmaceuticals for its 64 million elderly recipients, a longtime goal for Democrats. Penalties on manufacturers for exceeding inflation would apply to drugs sold to Medicare, and there is a $2,000 annual out-of-pocket cap on drug costs and free vaccines for Medicare beneficiaries.

Her rulings came as Democrats planned to begin Senate votes Saturday on their wide-ranging package addressing climate change, energy, health care costs, taxes and even deficit reduction. Party leaders have said they believe they have the unity they will need to move the legislation through the 50-50 Senate, with Vice President Kamala Harris’ tiebreaking vote and over solid Republican opposition.

“This is a major win for the American people,” Senate Majority Leader Chuck Schumer, D-N.Y., said of the bill, which both parties are using in their election-year campaigns to assign blame for the worst period of inflation in four decades. “And a sad commentary on the Republican Party, as they actively fight provisions that lower costs for the American family.”

In response, Senate Minority Leader Mitch McConnell, R-Ky., said Democrats “are misreading the American people’s outrage as a mandate for yet another reckless taxing and spending spree.” He said Democrats “have already robbed American families once through inflation and now their solution is to rob American families yet a second time.”

Dropping penalties on drugmakers reduces incentives on pharmaceutical companies to restrain what they charge, increasing costs for patients.

Erasing that language will cut the $288 billion in 10-year savings that the Democrats’ overall drug curbs were estimated to generate — a reduction of perhaps tens of billions of dollars, analysts have said.

Schumer said MacDonough’s decision about the price cap for private insurance was “one unfortunate ruling.” But he said the surviving drug pricing language represented “a major victory for the American people” and that the overall bill “remains largely intact.”

The ruling followed a 10-day period that saw Democrats resurrect top components of President Biden’s agenda that had seemed dead. In rapid-fire deals with Democrats’ two most unpredictable senators — first conservative Joe Manchin of West Virginia, then Arizona centrist Kyrsten Sinema — Schumer pieced together a broad package that, while a fraction of earlier, larger versions that Manchin derailed, would give the party an achievement against the backdrop of this fall’s congressional elections.

The parliamentarian also signed off on a fee on excess emissions of methane, a powerful greenhouse gas contributor, from oil and gas drilling. She also let stand environmental grants to minority communities and other initiatives for reducing carbon emissions, said Senate Environment and Public Works Committee Chairman Thomas Carper, D-Del.

She approved a provision requiring union-scale wages to be paid if energy efficiency projects are to qualify for tax credits, and another that would limit electric vehicle tax credits to those cars and trucks assembled in the United States.

The overall measure faces unanimous Republican opposition. But assuming Democrats fight off a nonstop “vote-a-rama” of amendments — many designed by Republicans to derail the measure — they should be able to muscle the measure through the Senate.

House passage could come when that chamber returns briefly from recess on Friday.

“What will vote-a-rama be like. It will be like hell,” Sen. Lindsey Graham of South Carolina, the top Republican on the Senate Budget Committee, said Friday of the approaching GOP amendments. He said that in supporting the Democratic bill, Manchin and Sinema “are empowering legislation that will make the average person’s life more difficult” by forcing up energy costs with tax increases and making it harder for companies to hire workers.

The bill offers spending and tax incentives for moving toward cleaner fuels and supporting coal with assistance for reducing carbon emissions. Expiring subsidies that help millions of people afford private insurance premiums would be extended for three years, and there is $4 billion to help Western states combat drought.

There would be a new 15% minimum tax on some corporations that earn over $1 billion annually but pay far less than the current 21% corporate tax. There would also be a 1% tax on companies that buy back their own stock, swapped in after Sinema refused to support higher taxes on private equity firm executives and hedge fund managers. The IRS budget would be pumped up to strengthen its tax collections.

While the bill’s final costs are still being determined, it overall would spend more than $300 billion over 10 years to slow climate change, which analysts say would be the country’s largest investment in that effort, and billions more on health care. It would raise more than $700 billion in taxes and from government drug cost savings, leaving about $300 billion for deficit reduction — a modest bite out of projected 10-year shortfalls of many trillions of dollars.

Democrats are using special procedures that would let them pass the measure without having to reach the 60-vote majority that legislation often needs in the Senate.

It is the parliamentarian’s job to decide whether parts of legislation must be dropped for violating those rules, which include a requirement that provisions be chiefly aimed at affecting the federal budget, not imposing new policy.

Additional reporting by The Associated Press.

: newsy.com

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