Senate Democrats hope to avoid hurdles including COVID-19 and dissent in their own ranks to pass a $430 million drugs and climate bill, according to a July 28 report from Reuters.
The bill's passage would impose minimum taxes on U.S. corporations and extend subsidies for Obamacare. Senate Democrats aim to approve it before the Senate's summer break, which begins at the end of next week.
Sen. Raphael Warnock, D-Ga., told reporters on Thursday that "There will be booby traps" on the way toward approval of the legislation…"
According to a report from Politico, the bill includes $370 billion for energy and climate, $300 billion targeting deficit reduction, and subsidies for Affordable Care Act premiums for three years. It also includes prescription drug reform and a 15 percent minimum tax on large corporations.
President Joe Biden said the bill would mark significant progress toward achieving climate goals and restoring fairness to the federal tax code, in addition to addressing inflation.
"The work of the government can be slow and frustrating and sometimes even infuriating," he said, adding, "This bill is far from perfect, it’s a compromise ... that’s often how progress is made, is by compromises."