10 things you need to know today: August 7, 2022

Senate expected to pass Democrat tax and climate bill, major Indiana employers slam new abortion law, and more

Chuck Schumer
(Image credit: Photo by Kevin Dietsch/Getty Images)

1. Senate expected to pass Democrat tax and climate bill

The Senate voted 51-50 late Saturday to move forward with a tax and climate bill that includes several elements of President Biden's original Build Back Better agenda. The final vote on the legislation could take place Sunday, with Vice President Kamala Harris expected to cast the tie-breaking vote in her party's favor. The bill, known as the Inflation Reduction Act of 2022, aims to increase revenue by over $700 billion. Around $430 billion of that money will go to green energy subsidies and to extending a pandemic-era expansion of the Affordable Care Act. The rest will be used to reduce the deficit.

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