ARIZONA NEWS

Senate approves Biden’s sweeping Inflation Reduction Act

Aug 7, 2022, 1:24 PM | Updated: 1:30 pm
Sen. Kyrsten Sinema, D-Ariz., arrives for a meeting of the Senate Homeland Security Committee at th...

Sen. Kyrsten Sinema, D-Ariz., arrives for a meeting of the Senate Homeland Security Committee at the Capitol in Washington, Wednesday, Aug. 3, 2022. Sinema's views remained a mystery as party leaders eye votes later this week on their emerging economic legislation. (AP Photo/J. Scott Applewhite)

(AP Photo/J. Scott Applewhite)

PHOENIX — The Senate on Sunday passed the Inflation Reduction Act, which aims to combat inflation, fight climate change, lower health-care costs and raise taxes on corporations.

The estimated $740 billion package was voted for along party lines with Vice President Kamala Harris breaking the 50-50 tie. The House will vote on it next, and President Joe Biden said in a statement he looks forward to signing it into law.

Sen. Kyrsten Sinema of Arizona was a main player in the negotiation process, pushing against her democratic colleagues on several fronts including the corporate tax rate. She had a prominent say in how the final language is written.

“We’re proud our negotiations ensured the Inflation Reduction Act – which passed the Senate today and moves one step closer to law – will help Arizonans build better lives for themselves and their families by lowering prices, making health care more affordable and accessible, and securing Arizona’s water and energy future,” Sinema said in a statement.

“Critically, we accomplished these goals while boosting innovation and spurring job creation so Arizona’s economy can continue to grow and thrive.”

Sinema and Sen. Mark Kelly said in statements that the bill will help lower costs for families and seniors in Arizona while also battling the effect climate change has on the state through renewable energy production.

Senators engaged in a round-the-clock marathon of voting that began Saturday and stretched late into Sunday afternoon. Democrats swatted down some three dozen Republican amendments designed to torpedo the legislation.

“When I meet with Arizonans and small businesses across our state, the top concern I hear about is rising costs,” Kelly said in a statement. “The Inflation Reduction Act includes our plan to lower prescription drug costs for seniors, has resources we negotiated to combat the impacts of drought, and tackles climate change that is making wildfires and heat in our state more severe by boosting renewable energy manufacturing and production.

“The Inflation Reduction Act shows we can accomplish those goals without raising taxes on middle class Arizonans and small businesses, who will keep more of their hard-earned money in their pockets.”

The act includes the largest-ever federal effort on climate change — close to $400 billion — caps out-of-pocket drug costs for seniors on Medicare to $2,000 a year and extends expiring subsidies that help 13 million people afford health insurance. By raising corporate taxes, the whole package is paid for, with some $300 billion extra revenue for deficit reduction.

Barely more than one-tenth the size of Biden’s initial 10-year, $3.5 trillion rainbow of progressive aspirations in his Build Back Better initiative, the new package abandons earlier proposals for universal preschool, paid family leave and expanded child care aid.

The measure is set to cap insulins costs to $35 a month for Medicare users, limit Medicare beneficiaries’ out-of-pocket drug costs at $2,000 per year and expand premium and co-pay assistance on prescription drugs for low-income persons.

The bill also awards over $20 billion to farmers and ranchers to expand practices that reduce greenhouse gases and $5 billion to protect communities from wildfires by investing in forest health projects.

The sweeping legislation also invests in clean technology manufacturing like wind turbines, incentivizes clean energy jobs and grants to make affordable housing energy efficient.

“The Inflation Reduction Act will lower prescription drug costs for seniors and families across Phoenix, boost our efforts to tackle drought and create more clean energy jobs,” Phoenix Mayor Kate Gallego said in a statement.

Biden addressed in his statement that the bill will not raise taxes those making under $400,000 a year.

The Associated Press contributed to this story. 

Lifetime Windows & Doors

We want to hear from you.

Have a story idea or tip? Pass it along to the KTAR News team here.

Arizona News

The symbol for Twitter appears above a trading post on the floor of the New York Stock Exchange, Tu...
Associated Press

Musk says he wants Twitter again and will pay $44B price

Elon Musk wants Twitter again — and Twitter is game. The billionaire Tesla CEO has proposed to buy the company at the originally agreed-on price of $44 billion, bringing the tumultuous, monthslong saga another step closer to a conclusion. Musk made the surprising turnaround not on Twitter, as has been his custom, but in a […]
19 hours ago
Rep. Liz Cheney, R-Wyo., speaks Tuesday, Aug. 16, 2022, at a primary Election Day gathering in Jack...
KTAR.com

GOP Rep. Liz Cheney says election deniers are ‘dangerous’ for the state of Arizona

Rep. Liz Cheney, a Republican who opposes Donald Trump, said that any election deniers on Arizona's election ballot are "dangerous" for the state.
19 hours ago
FILE - Water flows along the All-American Canal Saturday, Aug. 13, 2022, near Winterhaven, Calif. T...
Associated Press

California agencies float Colorado River savings in drought

SACRAMENTO, Calif. (AP) — California water agencies that rely on the parched Colorado River said Wednesday they can reduce their use by one-tenth starting in 2023 in response to calls for cuts from the federal government. The agencies, which supply water to farmers and millions of people in Southern California, laid out their proposal in […]
19 hours ago
(Facebook Photo/The University of Arizona Police Department)...
KTAR.com

Tucson police make arrest in fatal shooting at University of Arizona

The suspect of a fatal shooting at the University of Arizona was arrested outside of Gila Bend Wednesday after fleeing the scene.
19 hours ago
(Facebook photo/ Buckeye Police Department)...
KTAR.com

Police investigating allegations against photographer at Buckeye school

Police said Thursday they are investigating allegations of sexual offenses by a photographer contracted by a Buckeye elementary school.
19 hours ago
Residents attend an event hosted by Arizona State University graduate design students at Academia d...
Associated Press

Low-income communities in Phoenix, other cities learn to tackle climate-fueled heat

Several nonprofit initiatives are popping up around the nation, including in Phoenix, to educate residents about climate-fueled heat that disproportionately affects low income neighborhoods of color.
19 hours ago

Sponsored Articles

...
SCHWARTZ LASER EYE CENTER

Key dates for Arizona sports fans to look forward to this fall

Fall brings new beginnings in different ways for Arizona’s professional sports teams like the Cardinals and Coyotes.
...
Sanderson Ford

Don’t let rising fuel prices stop you from traveling Arizona this summer

There's no better time to get out on the open road and see what the beautiful state of Arizona has to offer. But if the cost of gas is putting a cloud over your summer vacation plans, let Sanderson Ford help with their wide-range selection of electric vehicles.
(Courtesy Condor)...
Condor Airlines

Condor Airlines shows passion for destinations from Sky Harbor with new-look aircraft

Condor Airlines brings passion to each flight and connects people to their dream destinations throughout the world.
Senate approves Biden’s sweeping Inflation Reduction Act