Senate Democrats begin vote on landmark $430bn climate bill

Medicare is the government health insurance program for people age 65 and older.

There are three main parts to the bill: a 15% minimum tax on corporations, tougher IRS enforcement and a new excise tax on stock buybacks. The legislation has $430 billion in new spending along with raising more than $740 billion in new revenues.

Beside billions of dollars to encourage the production and purchase of more electric vehicles and foster clean energy, the bill would set $4 billion in new federal drought relief funds. The latter is a move that could help the re-election campaigns of Democratic Senators Catherine Cortez Masto in Nevada and Mark Kelly in Arizona.

One provision cut from the bill would have forced drug companies to refund money to both government and private health plans if drug prices rise more quickly than inflation. The Senate arbiter, known as the parliamentarian, ruled that measure could not apply to private industry.

Senators on the left such as Bernie Sanders are likely to try to expand the scope of the bill to include new programs such as federal subsidies for childcare or home healthcare for the elderly. Republicans have signaled that they will offer plenty of amendments touching on another issue: immigrants coming across the US border with Mexico.