Manu Raju

Manu Raju @mkraju

Senate voting NOW on final passage. Amendment voting started at 1130pmET. — PolitiTweet.org

Manu Raju @mkraju

Thune amendment was adopted, 57-43. Cortez Masto, Hassan, Kelly, Ossoff, Rosen, Sinema, Warncok all voted for the Thune amendment. Several of these Dems are in tough races. Now onto the Warner amendment. “The end is near, I hope,” Warner said. — PolitiTweet.org

Manu Raju @mkraju

After the Thune amendment is adopted, Sen. Mark Warner plans to offer an amendment that would make this change. After that, Senate will vote on final passage. — PolitiTweet.org

Manu Raju @mkraju

Dems will accept the narrowing of the 15% percent corporate minimum tax. But instead of paying for it through the SALT change, they instead will extend the limitation on the amount of losses that businesses can deduct for another two years. A source says it would raise about $50B — PolitiTweet.org

Manu Raju @mkraju

Since Sinema is supporting the John Thune amendment that would cause a revolt in the House, because it would extend the limitation on SALT deductions, the corporate minimum tax, Democrats now are planning an alternative proposal. — PolitiTweet.org

Manu Raju @mkraju

To avoid a last-minute collapse of the bill, Democrats have found an alternative plan to win over Sen. Kyrsten Sinema who has concerns over the 15% corporate minimum tax's impact on subsidiaries owned by private equity firms, per sources. Bill now on track for final passage. — PolitiTweet.org

Manu Raju @mkraju

Another Senate source says this private equity provision is not new language in the bill, and it was initially part of the House’s Build Back Better bill, disputing the idea that this is a new add — PolitiTweet.org

Manu Raju @mkraju

If the Thune plan is adopted, it could cause problems for several Democrats in the House -- primarily from coastal districts -- who have campaigned on the effort to repeal the limits on the SALT deduction, not extend them. Dems now talking about a way to resolve this — PolitiTweet.org

Manu Raju @mkraju

This is the problem for Dems: Sinema is likely to back an amendment by Thune to exempt those companies from the corporate minimum tax. But to pay for the lost revenue, Thune's plan proposes to extend the limitation on SALT deductions through 2026. Current law goes through '25. — PolitiTweet.org

Manu Raju @mkraju

Sinema wants to kill that language from the bill. But if that is dropped, it would lose $35 billion in revenue -- potentially eating away at the $300 billion in deficit savings that Sen. Joe Manchin has made central of his push to back the bill. — PolitiTweet.org

Manu Raju @mkraju

The issue has been percolating since Saturday after Sinema discovered language in bill showing how subsidiaries of companies owned by private equity firms could be hit by the 15% tax if their combined book income exceeds $1 billion. Source says it wasn't in original draft — PolitiTweet.org

Manu Raju @mkraju

Some new Democratic drama as they try to move to final passage this afternoon: Kyrsten Sinema is likely to back a Thune amendment to make some exemptions for businesses affected by the new 15% corporate minimum tax -- and Dems are scrambling, per multiple sources — PolitiTweet.org

Manu Raju @mkraju

Vote-a-rama latest: - Sinema and Manchin in talks with Thune over amendment exempting some companies from corp minimum tax - GOP succeeded in nixing $35 cap on insulin through private insurance - Getting closer to final passage as Dems have rejected most GOP amendments https://t.co/MTmulkc6DM — PolitiTweet.org

Manu Raju @mkraju

Thune has an amendment that would exempt subsidiaries of billion-dollar private equity firms from the tax, which he contends are small businesses getting hit. If Sinema or Manchin backs it, it could have the votes. But Manchin wants to maintain $300B in deficit savings — PolitiTweet.org

Manu Raju @mkraju

More information here: Manchin and Kyrsten Sinema are in discussions with Thune over possible late changes to the 15% corporate minimum tax. Both were seen by us going into Thune's office. Thune: "We're having conversations and continuing to work it." — PolitiTweet.org

Manu Raju @mkraju

RT @CNNSotu: Coming up at 12p ET | 9a PT: @mkraju joins @DanaBashCNN LIVE on #CNNSOTU! — PolitiTweet.org

Manu Raju @mkraju

Manchin also said he was "very disappointed" that tax on carried interest was nixed from the bill by Sen. Sinema. He said of hedge fund managers and private equity: "They'll admit, it's been one heck of a run that they can't justify." But he said the goal is to "land the plane" — PolitiTweet.org

Manu Raju @mkraju

But Manchin said "there are some adjustments being made" and "we're trying to keep the numbers on what we have." Asked if the changes were to the corporate minimum tax: "There is some maneuvering going on." He suggested Dems may offer an amendment to reflect these changes. — PolitiTweet.org

Manu Raju @mkraju

Senate Democrats are discussing some possible changes to the tax provisions before their reconciliation package gets approved by the chamber Sunday afternoon, Joe Manchin just told me. It's unclear exactly what is being discussed or how significant the changes would would be. — PolitiTweet.org

Manu Raju @mkraju

RT @jmartNYT: My story from Wyo on ⁦⁦@Liz_Cheney⁩, her embrace of martyrdom and a political awakening that goes beyond Trump Plus: Dick C… — PolitiTweet.org

Manu Raju @mkraju

Here are the seven Republicans who voted to keep the $35 cap provision in bill: Susan Collins Josh Hawley  Cindy Hyde-Smith John Kennedy Bill Cassidy Lisa Murkowski  Dan Sullivan — PolitiTweet.org

Manu Raju @mkraju

57-43, Democrats fall three votes short of the 60 needed to keep the provision in the bill. The $35 cap on insulin through private insurance has been removed. The cap remains through Medicare — PolitiTweet.org

Manu Raju @mkraju

Senate GOP about to succeed in eliminating $35 cap on insulin Dems had proposed in the private market place. GOP raises point-of-order noting it violates budget rules. Dems voting now to overcome that objection, and that's expected to fail. — PolitiTweet.org

Manu Raju @mkraju

At least 10 more amendment votes after this one, pushing final passage until afternoon at least — PolitiTweet.org

Manu Raju @mkraju

Asked about his "count me out" speech on Jan. 6, Graham said he was talking about certifying the election. On backing Trump 2024, "I think he has a hell of a story to tell." "If he runs for president, talking about 2020 is not what people want to hear," he tells @DanaBashCNN — PolitiTweet.org

Manu Raju @mkraju

Lindsey Graham, in interview with @danabash on @cnnsotu, dismisses effort to codify gay marriage at federal level, saying: "I think states should decide the issue of marriage." Graham added: "This is all politics my friends." — PolitiTweet.org

Manu Raju @mkraju

RT @therecount: What's the latest on the Inflation Reduction Act and the all-night vote-a-rama? At 9:02 ET, CNN's @mkraju says "the senat… — PolitiTweet.org

Manu Raju @mkraju

Sanders is not the only member of the caucus offering amendments. Sen. Raphael Warnock, a vulnerable Democrat, just offered a health care-related amendment that Democrats plan to vote down. — PolitiTweet.org

Manu Raju @mkraju

Speaking of Dems, he said: "Are they frustrated because we need to expand and extend the child credit? ... Every amendment that I introduced today has widespread support." Despite his criticism of the bill, Sanders confirmed to me he plans to vote for it on final passage. — PolitiTweet.org

Manu Raju @mkraju

“I don't think it's helpful," Michael Bennet told me before adding: "I don't think it's helpful for the child tax credits." Sanders, defending his approach, told reporters: "I don't want to embarrass anybody." — PolitiTweet.org