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BREAKING: Sinema agrees to 'move forward' with Democrat's spending and tax legislation

Economic experts and Biden Administration officials previously noted that the $739 billion Democratic spending plan will do next to nothing to combat inflated prices over the next decade.

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Sen. Kyrsten Sinema (D-AZ) announced Thursday that she will "move forward" with the Democrats' taxation and social spending bill. Sinema was previously holding out on the deal Democrats refer to as the Inflation Reduction Act that Senate Majority Leader Chuck Schumer (D-NY) struck with Sen. Joe Manchin (D-WV).

Economic experts and Biden Administration officials previously noted that the $739 billion Democratic spending plan will do next to nothing to combat inflated prices over the next decade.

According to Fox News, Sinema said on Thursday evening, "We have agreed to remove the carried interest tax provision, protect advanced manufacturing, and boost our clean energy economy in the Senate's budget reconciliation legislation. Subject to the Parliamentarian's review, I'll move forward."

Sinema was the key to the Democrats passing the legislation that instead of addressing inflation, funds progressive climate change wish list items, health care, and also raises taxes.

Schumer said he expected all 50 Democrats in the Senate to vote for the measure. "I am pleased to report that we have reached an agreement on the Inflation Reduction Act that I believe will receive the support of the entire Senate Democratic conference. The final version of the Reconciliation bill, to be introduced on Saturday, will reflect this work and put us one step closer to enacting this historic legislation into law."

Since the vote will likely be tied 50-50 with Senate Republicans, Vice President Kamala Harris would be able to break the tie.

Schumer said that the Senate will reconvene on Saturday afternoon and vote to begin debate on the bill, assuming all 50 Senate Democrats support the bill and remain healthy and able to vote.

Democrats plan to pass the legislation using budget reconciliation, which allows them to circumvent the Senate's 60-vote filibuster threshold in order to pass legislation on party lines.

Democrats are also awaiting the results of a review by Elizabeth MacDonough the Senate Parliamentarian, who is reviewing the legislation to make sure that it conforms to the Byrd Rule which states that reconciliation bill provisions must deal with taxes and spending and cannot be used for policy.

Republicans have called out the tax increases in the bill which the Joint Committee on Taxation said will affect Americans in nearly all tax brackets. Additionally, the increases will hit manufacturing businesses.

Sen. Rob Portman (R-OH) said, "Folks who work in these companies, and remember half this is going to fall on manufacturers, they're gonna see their wages and benefits be reduced because of this taxation at a time when they're having a really hard time keeping up with current inflation."

After Democrats vote to begin debate on the legislation, senators are allowed to propose unlimited amendments to the bill. That usually results in many amendment votes through which GOP senators can offer "poison pill" amendments that would be against Democratic agenda items that they would be forced to "swallow" in order to pass the bill.

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