Cheddar News' Megan Pratz breaks down the political dynamics of the Inflation Reduction Act of 2022, Senate Democrats' spending plan that looks to fight climate change, lower prescription drug costs and reduce the deficit.

Wake Up With Cheddar

'Inflation Reduction Act' Takes Center Stage on Capitol Hill

in the world of politics, is waking up this morning. It is all about Senate democrats, climate and health care bill. Yeah, let's go straight to the White House. Megan prats has more on the biggest story unfolding. Therefore us. Good morning Megan. Good morning baker. Good morning Alicia. After a whirlwind end of last week on Capitol Hill, Senator joe Manchin of west Virginia took to the sunday shows where else to defend the deal. He and Senate majority leader chuck schumer, reached on the inflation reduction act of 2022. We got the bill down to where there's nothing inflammatory in this bill, even though there's some naysayers, I'm sure you would always hear that, but there is nothing in that we're paying down debt. I think it's a great piece of legislation and on normal times my Republican colleagues would be for something such as this. So what's in the great piece of legislation? Well, as a reminder, here's what the bill does. The bill includes measures aimed at shrinking the deficit and raising over $700 billion in revenue like a new 15% corporate minimum tax and allowing Medicare to negotiate the prices of some prescription drugs. It also makes over $300 billion of investment in energy security and fighting climate change. Now, look, it's a far cry from the original bill back better bill last year, but it's still a massive spending package that could save billions in taxes if every other member of the Democratic caucus gets on board. This bill could pass the Senate, potentially this week and become law before the end of the month, giving democrats a huge boost before november. So Megan, what are, who's ultimately holding up this bill right now? Right now? The biggest question mark is Arizona senator Kirsten Cinema last year. During the talks over build back better. She opposed some of the taxes that are now in this version of the bill. She hasn't said yet publicly whether she'll support this legislation, and she's the only one who can stop it. At this point we'll be watching this week just how much she wants to play spoiler for her fellow democrats. Absolutely. Sounds like they're mowing the lawn at the White House this morning. Megan Pratt's good stuff as always. Megan. Thank you.