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Sinema agrees to economic bill, signaling Democrats have votes to move forward

Kyrsten Sinema, Maggie Hassan
Posted at 6:46 PM, Aug 04, 2022
and last updated 2022-08-04 21:51:25-04

Sen. Kyrsten Sinema said that she will now agree to "move forward" and support the Democrats' economic bill giving the party the sign that they have the 50 votes needed to pass the legislation by the weekend.

Sinema released a statement revealing that she had "won" several challenges related to tax provisions in the bill, CNN reported. Part of those provision amendments included removing a tax on carried interest that would have brought in $14 billion according to estimates, and would have affected hedge fund managers and private equity firm profits.

In a statement, Sinema wrote, "We have agreed to remove the carried interest tax provision, protect advanced manufacturing, and boost our clean energy economy in the Senate's budget reconciliation legislation," Sinema said. "Subject to the Parliamentarian's review, I'll move forward."

As the Associated Press reported, Senate Majority Leader Chuck Schumer said lawmakers reached a compromise, writing, “I believe [it] will receive the support” of all Democrats in the chamber. The vote will face a 50-50 Senate, where Vice President Kamala Harris would need to give a tie-breaking vote.