The U.S. Senate passed the Inflation Reduction Act (IRA) on August 7 by a vote of 51-50. Vice President Kamala Harris, in her role as the President of the Senate, cast the tie-breaking vote following the consideration of many amendments. Under the process known as “reconciliation,” the IRA had to pass by a simple majority vote instead of the customary 60-vote procedural hurdle required for most bills to be considered in the Senate.
While the IRA is not the Build Back Better Act that President Biden and most congressional Democrats were hoping for a year ago, it still represents a gain on many of the bread-and-butter issues to which the president’s party lays claim. The legislation, which should be passed by the U.S. House of Representatives on August 12, advances clean energy and climate protections, lowers the cost of prescription drugs under Medicare Part D, extends health care premium subsidies for low-income consumers under the Affordable Care Act, and amends the tax code to increase corporate taxes and help the IRS catch scofflaws. And, according to Senator Bob Casey (D-PA), it does all this while reducing the deficit and creating jobs:
“The Inflation Reduction Act raises $739 billion without raising any taxes on people making less than $400,000 per year. Just over a third of this revenue comes from savings on government spending on prescription drugs, while the rest will come from ensuring wealthy tax cheats and the biggest corporations pay their fair share of taxes. The IRA is estimated to create more than 9 million good jobs over the next decade—an average of nearly 1 million jobs each year.”
What’s Missing?
Many Senate Democrats are pleased that the bill passed – and relieved. As with all compromises, the legislators had to yield on elements that they truly cared about: monthly costs for insulin capped at $35, universal PreK, Medicare coverage of dental, vision, and hearing care, improved child care tax credits, the inclusion of fossil fuel supports, deductions for state and local taxes.
“It’s not my first choice. But it was all good. On balance, this package is so good that I’m not going to nitpick. It is historic,” said Sen. Debbie Stabenow (D-MI).
One of many provisions in the original Build Back Better supported by C-TAC members and other coalitions is PCHETA (Palliative Care and Hospice Education Training Act, a bill to promote education and research in palliative care and hospice and to support the development of faculty careers in academic palliative medicine ). Although it didn’t make it into the final IRA, PCHETA was reintroduced on May 19, 2022, by Senators Tammy Baldwin (D-WI) and Shelley Moore Capito (R-WV). Here is a link to the bill and a link to the Hospice Action Network Legislative Action Center if you would like to request your Senator co-sponsor the bill. Other provisions that would have increased funding for Medicaid and the Aging Network which plays such a vital role in providing support and services to individuals with serious illness were also left on the cutting room floor.
