Senate Majority Leader Chuck Schumer, D-N.Y., said lawmakers had reached a compromise on the proposed Inflation Reduction Act, which he believes will get the support of all Democrats in the upper chamber, CBS News reported Thursday.
Schumer and Sen. Joe Manchin, D-W. Va., negotiated the bill, which would raise approximately $739 billion in revenue through tax increases on some corporations and high-income earners.
President Joe Biden said in a statement the legislation would make investments in fighting climate change and improving energy security, lower prices of prescription drugs, generate savings on health premiums and reduce federal deficit.
A group of 126 top economists sent a letter to Congress on Tuesday urging lawmakers to pass the Inflation Reduction Act, which would earmark $300 billion for deficit reduction to help counter inflation, according to a blog post published by House Speaker Nancy Pelosi’s office.
Investments in health care and energy “would be more than fully paid for” by raising revenue stemming “from enhanced tax enforcement and closing some of the most distortionary loopholes in the tax code,” according to the Aug. 2 letter.