The Inflation Reduction Act is what is left of the centerpiece of the Biden administration’s agenda — introduced in 2021 and dubbed the human infrastructure bill then. The much larger package failed last year due to opposition within the Democratic Party. As both bills were devised under the budget reconciliation process, they were designed to circumvent the Senate filibuster and be passed without bipartisan support.
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Democratic moderates Kyrsten Sinema (D-AZ) and Joe Manchin (D-WV) emerged as the most vocal critics of Biden’s Build Back Better agenda and the massive $3.5 trillion proposal. Manchin recently made a stunning turnaround, which made the current bill possible, albeit in its much slimmer format. While Manchin insisted on certain exceptions for the fossil fuel industry, Sinema was especially opposed to closing the carried interest loophole that allows private equity firms to pay a low tax rate on their profits. Manchin also secured support for a natural gas pipeline in his home state.
The new bill will introduce a 15-percent corporate minimum tax and raise money through a reform of Medicaid drug price negotiations and tax enforcement, bringing in around $737 billion dollars. $369 billion will be spent on climate change mitigation and energy security, while $64 billion will be used to extend the Affordable Care Act. The rest of the money — $300 billion — will go towards deficit reduction.
The older bill had also included tax cuts for those Americans making less than $400,000 per year, investments in housing, job training and education as well as lower prices for all prescription drugs, an agenda point found to be incompatible with budget reconciliation. There could be efforts to pass other parts of the Build Back Better agenda independently, the Biden administration has said, even though this might have to include Republican support to break the filibuster.
Related:
- Here’s how Biden’s approval ratings compare to Obama’s and Trump’s
- Majority of Americans think Biden is a ‘weak’ leader
This article originally appeared on Statista.com and was syndicated by MediaFeed.org.
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This generation disapproves of Biden the most
President Biden’s approval rating has been taking a bit of a battering of late, and as new analysis of survey data by Gallup reveals, it’s among the younger voters where the biggest falls are being recorded.
Here are the percentage point changes in Biden’s approval rating (from January-June 2022 to September 2021-March 2022) by generation.
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Percentage point change in Biden’s approval rating: -21
Gage Skidmore
Percentage point change in Biden’s approval rating: -19
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Percentage point change in Biden’s approval rating: -15
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Percentage point change in Biden’s approval rating: -7
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Percentage point change in Biden’s approval rating: 0
(Defined as those born between 1927 and 1946)
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There has been a 21 point drop in approval with members of Generation Z (born 1997 to 2004) since the first half of 2021, bringing the rate down to just 39 percent, the lowest of all the generation groups having been joint highest with Millennials. Speaking of which, those born between 1981 and 1996 registered a 19-point decrease in approval of the president, falling to 41 percent, and one percent below the national average of 42 percent.
Gallup provides some context for the changes: “By the summer (of 2021), as coronavirus cases unexpectedly rose, Biden had lost significant support among Generation Z, millennials and Generation X, ranging from seven- to ten-percentage-point drops. But his approval rating held steady among baby boomers and traditionalists. All generational groups have become less approving of Biden since the summer, after the troubled U.S. withdrawal from Afghanistan in late August 2021, with the exception of traditionalists, whose approval has not changed.”
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Survey results are based on combined samples of 14,229 Americans ,18 years of age or older. The survey was conducted by Gallop. More methodology and source information can be found on Statista.
This article originally appeared on Statista.com and was syndicated by MediaFeed.org.
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Featured Image Credit: CasPhotography/istock.
