US Senate Begins Processing Inflation Reduction Act..."479 Trillion Won Investment in Climate Change"

[Image source=Yonhap News]

[Asia Economy Reporter Song Seung-yoon] The U.S. Senate is set to initiate the procedure for passing the so-called 'Inflation Reduction Act,' which includes investments to address climate change and tax increases on the wealthy.

According to major foreign media on the 6th (local time), U.S. Senate Majority Leader Chuck Schumer stated that "the procedure to pass the Inflation Reduction Act will officially begin within hours." Elizabeth McDonough, the Senate legal counsel, also ruled that the 'Inflation Reduction Act' complies with budget rules, according to reports by CNN and other U.S. media outlets.

Accordingly, the bill can be processed through the budget reconciliation procedure as the Democrats hope. Unlike regular legislation, budget reconciliation bills cannot be filibustered through unlimited debate, and they pass with a simple majority vote.

The Inflation Reduction Act, on which the Democrats are focusing their efforts, is a partial revision of President Joe Biden's flagship 'Build Back Better (BBB)' bill. The original bill included investments of $369 billion (approximately 479 trillion KRW) for energy security and climate change response, $64 billion (approximately 83 trillion KRW) for nationwide health insurance to lower prescription drug prices, and the imposition of a minimum 15% corporate tax on large companies.

The U.S. Senate is expected to enter the so-called 'Vote-a-Rama' procedure later that day. This method involves unlimited voting on amendments until the final vote. This procedure is expected to conclude around the 7th.

This content was produced with the assistance of AI translation services.