WASHINGTON — Both Tennessee senators voted against the Inflation Reduction Act of 2022 on August 7. The bill still passed the Senate by a narrow vote of 51-50, along party lines.
The bill would impose a 15% corporate minimum tax and reform the way prescription drugs are priced, hoping to reduce the cost for Medicare patients. Most significantly, the bill would cap the price of insulin for Medicare patients at $35.
Around 710,000 adults in Tennessee have been diagnosed with diabetes or around 14% of the population, according to a February 2021 report. The state ranks 45th when it comes to diabetes prevalence. Without insulin, people with diabetes risk a condition known as diabetic ketoacidosis — effectively making their blood acidic as the body breaks down fat and muscle.
It was described by Democrats as a bill that would "make a historic down payment on deficit reduction to fight inflation, invest in domestic energy production and manufacturing, and reduce carbon emissions by roughly 40% by 2030." It also expanded the number of workers in the IRS in an effort to help enforce taxes.
However, Senator Marsha Blackburn (R) said she believed it would spend too much money. She said it would spend more than $700 billion on its various goals, and criticized it for raising corporate taxes to help cover the cost. She voted against it.
"During a recession and with inflation at a 41-year high, Democrats just passed a bill to spend over $700 billion, increase taxes and decrease energy production," she said on social media. "The Democrats’ reckless tax and spending plan includes nearly $370 billion to fund the Green New Deal, $64 billion for Obamacare, and hundreds of billions in new taxes on American businesses and manufacturers."
Senator Bill Hagerty (R) echoed her opinions on social media, saying he was worried about the effects the bill could have.
The bill is now headed back to the House, where it is expected to pass.