During a lengthy session building up to what Democrats believe will be the bill’s ultimate passage, Senate Republicans on Sunday prevented the inclusion of a $35 monthly cap on the price of insulin in the private market in Democrats’ economic tax and spending plan.
The Inflation Reduction Act, a $700 billion piece of Democratic legislation that intends to battle climate change, increase taxes on major corporations, and handle growing healthcare prices, is currently being reviewed by the Senate after more than 30 changes were filed on Saturday night.
The $35 monthly cap on insulin, a pricey drug required to treat diabetes, was one of the plan’s proposed improvements.
Bill Cassidy of Louisiana, Susan Collins of Maine, Josh Hawley of Missouri, Cindy Hyde Smith of Mississippi, John Kennedy of Louisiana, Lisa Murkowski of Alaska, and Dan Sullivan of Alaska were the seven Republican senators who joined all 50 Democrats in voting to keep the price cap in the legislation.
Nevertheless, the amendment fell short of receiving the 60 votes required to waive special budgetary constraints and be added to the measure, passing 57 to 43. In April, the House approved a comparable limit on the cost of insulin.
On Sunday, Democrats hope to pass their entire legislation package, allowing the House to quickly reconvene in Washington this week to vote on it.
In the run-up to the midterm elections, when Democrats are attempting to keep control of Congress, its adoption would be a significant victory for President Biden and congressional Democrats.
The bill is the result of months of discussions about Vice President Biden’s domestic policy proposal, which at times seemed to be dead but was unexpectedly revived late last month with the announcement of an agreement between Senate Majority Leader Chuck Schumer and Sen. Joe Manchin, a moderate Democrat from West Virginia.
Democrats applaud the proposal for its roughly $400 billion investment in combating climate change and its response to the inflation problem.
The measure extends improved health insurance subsidies that were scheduled to expire at the end of the year and gives Medicare the ability to bargain prescription medication prices.
It also levies a 15 percent minimum tax on firms that earn more than $1 billion annually.
The proposal includes tax breaks for manufacturing solar and wind energy equipment as well as for purchasing electric cars.
In addition, $4 billion is allocated for drought relief, and consumers who purchase energy-efficient appliances are given incentives.