Senators grappling with a marathon series amendment vote, a crucial step toward passing the Democratic Party's sweeping health and climate bill.

(CNN)The Senate worked overnight, voting on a series of consecutive amendments. The final step toward final passage of the Democratic Party's sweeping health and climate bill -- puts the package on track for approval by Congress as early as this weekend.

What Happens Next

Republicans use "llama votes" to put Democrats on the floor and force a tough political vote.

Senators are widely hopeful that Republicans will try to scrap the insulin provisions included in the Democratic climate change and health care bill on the Senate floor during the "llama vote." The rule if it's for it to remain on the bill.

These provisions limit the price of insulin to $35 through the private insurance market and Medicare. Lawmakers ruled that insulin caps in the private insurance market were not compliant with the settlement, according to a Democrat aide.

Either way, the Democrats will leave both insulin provisions in the bill as they move forward, daring the Republican Party to move forward. and try to attack them on the Senate floor, the aide said.

The House is ready to return to take up the bill on his Friday, August 12, according to House Majority Leader Stenny Hoyer's office.

How Do Democrats Plan to Pass Comprehensive Bills?

However, in order for the invoice to pass through the reconciliation process, the package must adhere to a strict set of budgeting rules.

Senators question whether the bill's provisions meet the rules that allow Democrats to use a filibuster-proof budget process to pass legislation along straight party lines.

Senate Majority Leader Chuck Schumer announced on Saturday that the bill "is largely in place" after being scrutinized by members of Congress.

"If this bill passes, we will achieve all of our goals: fighting climate change, reducing health care costs, closing tax loopholes exploited by the wealthy, and reducing our deficit. will be," said a New York Democrat.

In a landmark ruling, Congressman Elizabeth McDonough authorized a major portion of the Democratic Party's prescription drug pricing plan to proceed, giving Medicare the power to negotiate prices for certain prescription drugs. gave for the first time.

But McDonough narrowed another provision aimed at lowering drug prices, penalizing drug companies if they raised prices faster than inflation. Democrats wanted the bill to apply to both Medicare and the private insurance market. But lawmakers have ruled that the inflation cap is only applicable to Medicare, the Democratic aide said.

Meanwhile, McDonough ruled that some climate measures from the Environmental Public Works Board remain intact in the adjustment bill. This includes methane charges applied to oil and gas producers who are leaking methane, a potent greenhouse gas, above certain thresholds.

Earlier Saturday, Oregon Senate Finance Speaker Ron Wyden said the clean energy tax portion of the bill "complies with Senate rules and helps build a clean energy future in America." Important provisions have been approved to ensure that Member of Parliament.

How Bill Addresses the Climate Crisis

represents a key issue that has long been contested for the Democratic Party's victory.

The nearly $370 billion clean energy and climate package is the largest climate investment in US history and the biggest triumph of the environmental movement since the groundbreaking Clean Air Act. It also comes at a critical time. This summer has seen intense heat waves and deadly floods across the country. Scientists say both of these are linked to global warming.

Analysis from Schumer's office, along with multiple independent analyses, suggests that the measure would reduce US carbon emissions by up to 40% by 2030. Biden administration. Strong climate regulation by the U.S. and action by states will be needed to meet Biden's goal of reducing emissions by 50% by 2030.

The bill includes a number of tax measures aimed at lowering the cost of electricity by using more renewable energy and encouraging more American consumers to switch from electricity to electricity. It also includes preferential treatment for house and car.

Lawmakers said the bill was a monumental victory and just the beginning of what is needed to combat the climate crisis. It's not about the laws, it's about the laws of physics," Democratic Senator Brian Schatz of Hawaii told CNN. "We all knew going into this effort that we had to do what science told us what we needed to do."

Key Health Care and Tax Policies of the Bill

This bill would force Medicare to negotiate the price of certain expensive drugs administered in clinics or purchased at pharmacies. The Secretary of Health and Human Services will negotiate prices for 10 drugs in 2026 and 15 more in 2027 and 2028. After 2029, that number will increase to 20 per year.

This controversial provision is much more restrictive than what House Democratic leaders have endorsed in the past.

Democrats will also move to 2025, a year later than lawmakers recently discussed. Plans to extend enhanced federal premium subsidies for Obamacare cover...so they won't expire shortly after the 2024 presidential election.

To boost revenue, the bill would impose his 15% minimum tax on income known as book income that large corporations report to shareholders, as opposed to the Internal Revenue Service. Become. The bill, which will raise $258 billion over 10 years, applies to companies whose profits exceed his $1 billion.

Cinema, concerned about how this provision will affect certain businesses, particularly manufacturers, has expressed interest in the Democratic Party's plan to cut back on how businesses deduct depreciable assets from taxes. It suggests that the change has won. Details remain unknown.

However, Cinema reinforced a carry-interest loophole that allowed investment managers to treat much of their compensation as capital gains and pay his 20% long-term capital gains tax rate instead of the income tax rate. thwarted the party's efforts to Up to 37%.

This provision extends the period from 3 to 5 years in which you must hold your interest in an investment manager's profits in order to take advantage of the lower tax rate. Addressing this loophole, which could raise $14 billion over 10 years, has long been a goal of Congressional Democrats.

Instead, his 1% excise tax on corporate stock buybacks was added, raising another $74 billion, according to a Democratic aide.

This article and headline have been updated with additional developments.