On Sunday, Texas’ two U.S. Senators voted against the Inflation Reduction Act, a major Democratic bill with key focuses on climate change, tax reform and healthcare.
Sens. John Cornyn and Ted Cruz voted against the bill along party lines with their Republican colleagues.
The vote for the legislation came down to 51-50, with Vice President Kamala Harris serving as the tie-breaking vote.
The 755-page legislation aims to raise billions in federal revenue by establishing a 15 percent minimum corporate tax and allowing Medicare to negotiate lower drug prices.
“Today, Senate Democrats sided with American families over special interests, voting to lower the cost of prescription drugs, health insurance, and everyday energy costs and reduce the deficit, while making the wealthiest corporations finally pay their fair share,” Biden said Sunday after its passage. “I ran for President promising to make government work for working families again, and that is what this bill does — period.”
The president promised the bill would not raise taxes on those making under $400,000 a year.
The bill would also add a significant funding boost for the Internal Revenue Service to better aid its tax collection.
Estimates by the Congressional Budget Office and Joint Committee on Taxation predict the bill will reduce the federal deficit by more than $700 billion over the next decade.
A little more than half of the revenue raised will then go to fund more than $300 billion for climate change and energy security over the next 10 years. It represents the largest investment ever in combating the climate crisis, according to the White House.
In statements explaining their vote against the legislation, Cornyn and Cruz called the Inflation Reduction Act a tax-spend-bill that would not reduce inflation and would raise taxes on working Americans.
“This bill is just Biden’s Build Back Broke by another name. It’s a gift to radical environmentalists and to rich, liberal elites,” Cruz said.
The Inflationion Reduction Act will now return to the House for a vote where House Majority Leader Nancy Pelosi has promised to pass it quickly.
Fernando covers Texas politics and government at the Texas Signal. Before joining the Signal, Fernando spent two years at the Houston Chronicle and previously interned at Houston’s NPR station News 88.7. He is a graduate of the University of Houston, Jack J. Valenti School of Communication, and enjoys reading, highlighting things, and arguing on social media. You can follow him on Twitter at @fernramirez93 or email at fernando@texassignalarchive.com
