Reconciliation Talks Continue
Talks continue between Senate Majority Leader Schumer and Senator Manchin on a reconciliation package. Climate provisions and tax increases are on the list of topics yet to be resolved. Senate Majority Leader Schumer said he hopes to reach a final agreement and bring the package to the floor as soon as late July. Senate Republicans have tried to push back on the renewed attempt to pass a filibuster-proof, partisan budget bill. Senate Democrats have reached agreement on some pieces of the reworked package, including a plan to use revenue from expanding a 3.8% investment income tax on the profits of active business owners to extend Medicare's solvency into the next decade, which is why ASA joined in the opposition letter noted here. Legislative language for the tax provision is expected to be submitted to the Senate parliamentarian in the coming days. The text of provisions that would let Medicare negotiate prices directly with manufacturers for some prescription drugs was submitted to the parliamentarian last week. The Congressional Budget Office (CBO) estimated that section of the downsized reconciliation bill would reduce deficits by a net $287.6 billion over a decade. The reconciliation bill only needs a simple majority to pass the Senate.