Interest money

On The Money – Dems’ big bill rolls out of Congress

Democrats just passed their massive tax, climate and health care bill, advancing key elements of President Biden’s agenda ahead of a critical November election. We’ll look at what’s inside the bill, a recent ruling on an Obama-era freeze on coal leasing on public lands, and more.

But first, where will you find Schumer, sunflowers and a supermoon? Check out The Hill’s pics of the week to find out.

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Democrats pass mammoth package on climate, taxes and healthcare

House Democrats passed their sweeping tax, climate and health care bill on Friday, sending the $740 billion legislation to President Biden’s desk and securing a meaningful victory for Democrats less than three months before the midterm elections.

The bill, titled the Inflation Reduction Act, passed the House in a vote of 220 to 207. Four Republicans did not vote, while all Democrats voted yes.

  • The move through Congress marks the culmination of more than a year of negotiations among Senate Democrats over a spending package. The bill will raise corporate taxes, fight climate change and lower prescription drug prices, all while reducing the deficit.
  • Bill provides incentives for businesses and consumers to make cleaner energy choices, including using low-carbon and zero-carbon energy, and creates new programs that will boost climate investments .
  • On the health care side, the measure will allow Medicare to negotiate lower prices for 10 expensive drugs starting in 2026. By 2029, that number is expected to reach 20 drugs. In addition, the measure makes it possible to cap certain drug costs, but mainly for Medicare.

All Democrats backed the bill, including Rep. Jared Golden (Maine), the only Democrat to oppose a larger earlier measure approved by the House and blocked by Manchin in the Senate. He called it “common sense legislation” and “fiscally responsible” in a statement ahead of the vote.

However, some progressive lawmakers had complained that the bill was not as costly as they had hoped.

Mychael Schnell of The Hill breaks it down here.

SEE ALSO: Here’s what’s in the Cut Inflation Act, the sweeping health, climate and tax impact bill

LEADING THE DAY

Democrats’ iconic economic bill earmarks $200 billion for deficit reduction: analysis

A sprawling Democratic economic package expected to pass Congress this week could contribute more than $200 billion in cumulative deficit reduction, according to analysis released Friday by the Penn Wharton Budget Model (PWBM).

The analysis estimates that the latest version of the bill, which is set to leave the House on Friday after passing the Senate last week, would reduce the country’s accumulated noninterest deficits by $264 billion over the 10 coming years.

  • The figure is $16 billion higher than a previous version of the bill, dubbed the Cut Inflation Act, analyzed by the PWBM late last month, following changes to the tax provisions of the plan intended to increase revenue before its adoption in the days of the upper house. from.
  • The analysis found that the bill would have no “significant effect on inflation in the short term”, although it estimated that the plan would help reduce “inflation by about 0.1 percentage points”. percentage by the middle of the first decade”.

However, Democrats have argued that the bill would have a positive impact on inflation, while bringing some relief to Americans with policies aimed at reforming prescription drug pricing by allowing Medicare to negotiate drug costs. certain medications.

The analysis also found that most of the tax increases that would result from the bill would “fall on high-income households,” but not all.

“People alive today are bearing the brunt of business tax increases in the form of lower investment returns and lower short-term wages,” the analysis says. “However, future generations will benefit from passage of the law, including positive gains for capital formation through debt reduction as well as increased total factor productivity through reduced carbon emissions. carbon compared to the reference level.”

Aris has more here.

SEE ALSO: When will Americans feel the impact of the Inflation Reduction Act?

OBAMA ERA FROST

Federal court reinstates Obama-era freeze on coal leasing on public lands

A federal judge on Friday reinstated a 2016 moratorium on coal leasing on federal lands that had been reversed by the Trump administration.

In the ruling, Obama-appointed District of Montana Judge Brian Morris ordered the Bureau of Land Management (BLM) to reimpose the moratorium until it has conducted a more thorough environmental analysis.

Former Trump-appointed Interior Secretary Ryan Zinke rescinded the Obama-era grip in 2017. In January, the Biden administration rescinded Zinke’s specific order but did not fully reimpose the moratorium.

Leasing federal land for coal mining accounted for about 40% of coal production in the United States in 2015.

Zack Budryk of The Hill has the details here.

GOOGLE IS FINED

Google fined $43 million for misleading users about data

An Australian court has ordered Google to pay around $43 million (A$60 million) for misleading users about the collection and use of their location data, an Australian watchdog said on Friday. competition.

The court found that Google breached Australian consumer law between January 2017 and December 2018 by misrepresenting certain Android users’ settings that allowed Google to collect and use personal location data, according to the announcement. the Australian Competition & Consumer Commission.

  • The court found that Google told some users that the “Location History” setting was the only one that affected Google’s collection, retention, and use of a user’s location data, but another setting “Web and App Activity” also allowed it to collect and use data when enabled, the watchdog said.
  • The watchdog estimates that 1.3 million Google account users in Australia may have been affected. Google took remedial action to fix the issue by December 2018, according to the competition watchdog.

Rebecca Klar from The Hill has more here.

Good to know

Rep. Raúl Grijalva (D-Arizona) told The Hill on Friday he would push for the permit deal between Sen. Joe Manchin (DW.Va.) and Democratic leaders to be a stand-alone vote — rather than attached to another vehicle that can entice more of his colleagues to vote for him.

Grijalva said he and a handful of colleagues plan to call on Friday for the vote – on a deal he fears will weaken environmental standards – on a stand-alone basis.

Here’s what else we’ve got our eyes on:

  • The State Department has announced it is offering a reward of up to $10 million for information leading to the identification and location of five people suspected of being linked to the Conti ransomware group.

That’s all for today. Thanks for reading and check out The Hill’s Finances page for the latest news and coverage. We’ll see you next week.

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