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Abstract:The U.S. Senate will convene on Saturday as Democrats seek to push through a $430 billion drug pricing, energy and tax bill over Republican objections, Majority Leader Chuck Schumer said on Thursday.
-Democratic U.S. Senator Kyrsten Sinema said on Thursday she agreed to “move forward” on a $430 billion drug pricing, energy and tax bill, subject to a Senate arbiters approval of the bill, which Democrats intend to pass over Republican objections.
Senate Majority Leader Chuck Schumer said earlier on Thursday the chamber would convene on Saturday to vote on a motion to proceed and then begin debate on the bill.
The bill known as the Inflation Reduction Act, introduced last week by Schumer and Democratic Senator Joe Manchin, represents a key priority for Democrats and President Joe Biden ahead of Novembers election battle for control of the U.S. Congress.
With the 100-seat Senate split 50-50, Democrats plan to pass the bill without Republican support through a parliamentary process known as reconciliation.
But they cannot afford to lose support from a single lawmaker. Sinemas agreement was a critical breakthrough. Another worry is COVID-19 – senators can only vote in person, so Schumer will need his full caucus to be present and healthy to pass the measure if Republicans remain unified in opposition.
Sinema said she had reached an agreement with other Democrats to remove a provision that would impose new taxes on carried interest. Without the provision, private equity and hedge fund financiers can continue to pay the lower capital gains tax rate on much of their income, instead of the higher income tax rate paid by wage-earners.
She cautioned that her agreement to “move forward” was subject to the review of the Senate parliamentarian. The parliamentarian has to approve the contents of the bill to allow it to move forward through the “reconciliation” process that Democrats plan to use to bypass the chambers normal rules requiring 60 Senators to agree to advance most legislation.
Schumer, in a statement, said, he believed he now had the votes to pass the bill.
“The agreement preserves the major components of the Inflation Reduction Act, including reducing prescription drug costs, fighting climate change, closing tax loopholes exploited by big corporations and the wealthy, and reducing the deficit by $300 billion,” Schumer said.
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Dubai, UAE — The WikiEXPO Dubai 2024, hosted by WikiGlobal, successfully concluded on November 27, attracting wide attention from the global financial technology sector. The event was co-organized by WikiFX and the Australian Computer and Law Association (AUSCL), with strong support from the Mauritius Financial Services Institute (FSI) and the government of Liberland. Through an innovative hybrid model of online and offline participation, WikiEXPO Dubai 2024 achieved an impressive 1,267,886 online views and gathered 3500+ on-site participants, bringing together 550+ industry leaders and attracting close coverage from over 1300+ global media outlets.
The German Federal Financial Supervisory Authority (BaFin) has recently flagged a fraudulent clone of the licensed retail FX and CFD broker Pepperstone. This fake entity, operating under the domain pepperstone.life, has been offering financial and investment services without obtaining the necessary regulatory authorisation.
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