prescription drug costs and other health care benefits, and it removes some tax loopholes. after a surprise announcement, the democratic senator joe manchin have been in talks with senate majority leader chuck sure where on this compromise bill, it's being held up not by republicans who almost certainly going to vote against it entirely, but by arizona democrat kirsten sinema who fought tooth and nail against eliminating something called the carried interest loophole. which essentially is a way for very rich people who make money using money like hedge fund managers, to pay absurdly low income tax rates. joining me now, is the founding co-chair of the ali v. club, nbc news is capitol hill correspondent, ali vitale. she is the author of the upcoming book electable. why america hasn't put a woman in the white house yet. good evening my friend, al ev. good morning. i am in alabama, it is the same it is also morning. here >> it's all the. same >> tickets at the inner workings of this legislation. this is legislation by the way, the weight of a top about for a long time and then it went
our bargain detergent couldn't keep up. turns out it's mostly water. so, we switched back to tide. one wash, stains are gone. [daughter] slurping don't pay for water. pay for clean. it's got to be tide. breaking news, we are monitoring the senate floor as a rare saturday sessions underway. it promises to be along with. lawmakers will debate and vote on the inflation protection act which is already passed the house. it will undergo a lot of changes, dozens of amendments out for consideration. senate democrats are confident the bill will pass despite republican opposition. >> i'm happy to report to my colleagues, that the bill we presented to the parliamentarian remains largely intact. the bill, when passed, will meet all of our goals, fighting climate change, lowering health care costs, closing tax
concessions, senator schumer is optimistic that the bill will pass in the coming days. take a listen to what he said about that. >> this is a very, very big deal. including, reducing prescription drug costs, flooding climate change, closing tax loopholes exploited by big corporations and the wealthy and reducing the deficit. i believe we'll have 50 votes to pass this legislation at the end of the day. >> and so and just a few hours, the senate will be over saturday session and which they will kick off a 20 hour vote ramah in which both republican democrats get equal amount of debate time on this bill. senator lindsey graham saying that he will quote make it help for democrats. not make this an easy fight. the bill will be passed at the earliest, tomorrow and possibly monday. but for any of that happens, all eyes are on the senate parliamentarian to rule that
370 billion dollars to address climate change. and also, it would be interesting to think about it from a political perspective. now that we have extreme months from the midterm elections, climate action appears younger voters. cutting prices is for older voters, and a deficit reduction? is for independence. joining us now, congresswomen of texas. tell us how important it is for them to pass a bill this weekend? >> this is a huge step forward, that inflation reduction act. lower inflation. lower the cost of prescription drugs, finally allowing medicare to negotiate the price of it prescription drugs. lower tax loopholes, and commitments to climate change. these are all priorities for democrats, and for all americans. and it's important that we're able to deliver this right now. that many of us have been working on for many years. >> i have to say that this is also a very huge win for the
fighting climate change, lowering health care costs, closing tax loopholes abused by the wealthy, and reducing the deficit. >> and again, senate republicans are very united against this bill, but fredericka, because democrats are using the specialized process, they don't need the typical 60 votes, they only need their own 50. so it is expected to make its way through. republicans, we anticipate them throwing in a lot of amendments that could be potentially tough votes for democrats in this process. it makes it go on longer. but we do ultimately expect this to pass. the question is when that will be, fredericka. >> all right, jessica dean on capitol hill, keep us posted, thanks so much. so president biden is now testing negative for covid-19 following a rebound case. it caps off a bounceback week for the president which saw victories on key fronts. cnn's arlette saenz is at the white house for us.
deal -- did kill one provision to cap drug prices. i want to get to julie -- who's been following all the updates minute by minute. wow, it's quite a rare saturday, julie, talk to me. what's going on so far? >> yeah, yasmin, i'm told by some senators in the last couple of minutes that they begin they can get started on this bill as soon as two hours from now. one of the biggest holdup says we don't have the bill text yet. schumer said that the parliamentarian meetings are largely concluded but there are some issues, some kinks that they're working out, specifically on the drug prices, the insulin cap as well. i want to -- you to take a listen to which leader schumer said on the floor. >> i'm happy to report to my colleagues that the bill that we presented to the parliamentarian remains largely intact. the bill when passed will meet all of our goals, fighting climate change, lowering health care costs, closing tax
favorite historians, as the 11th hour gets underway on this friday night. good evening once again, i'm stephanie ruhle. and after a week of very big winds, president biden is on the verge of another significant victory. as senate democrats prepare to work through the weekend to pass a major tax, climate and health care bill, after almost a year of negotiations. the first votes expected to begin tomorrow afternoon. today, the senate's top democrat laid out key parts of the bill. >> this is a very, very, very big deal. including producing reducing prescription drug costs, fighting climate, change closing tax loopholes for big corporations and the wealthy, and reducing the deficit. i believe we will have 50 votes to pass this legislation at the end of the day. >> as senator schumer said, this bill includes significant ways to make corporate america
say how much it's going to cost and what it's going to do to the deficit. that's what we're waiting on. here's senate majority leader chuck schumer earlier today. >> we have the bill before us that can win the support of all 50 democrats. i'm happy to report to my colleagues that the bill we presented to the parliamentian remains largely intact, the bill when passed will meet all of our goals, fighting climate change, lower health care costs, closing tax loopholes abused by the wealthy, and reducing the deficit. >> senate republicans are unified against this. once they move into vote-a-rama, senator lindsey graham had a specific way of describing what that's going to be like. >> so what wit vote-a-rama be like? it'll be like hel.
votes for the legislation to move forward. think about it this way, one positive covid case could through the whole thing off course. guys. will: thank you, alexandria. let's bring in the host of varney and company. >> good morning. can i say something off the top? the inflation reduction act of 2022 will not reduce inflation, it will not cut the deficit. it will not result in anything good for american families. let me get the list here. it will not cut the deficit, it will not restore america's energy independence and the irs will not just be going after rich people's tax loopholes, they're going after middle america and small companies. this is an awful, mis-mash of bad policy. that's my opinion. will: they'll go after the middle class, stuart, but not the rich, wealthy, hedge fund investors. you're on fox business. i'm curious where your perspective is on this. i don't want to get into the weeds of the interest tax
we're closely watching capitol hill where a major part of president biden's agenda could be moments away from passing the senate despite republican opposition, senate democrats appear ready to send the inflation reduction act to the house for final approval. >> we have a bill before us that can win the support of all 50 democrats. i'm happy to report to my colleagues that the bill we've present presented remains largely in ta tact. the bill, when passed, will meet all our goals, fighting climate change, lowering healthcare costs, closing tax loopholes abused by the wealthy and reducing the deficit. >> it passes, it would be the biggest legislative climate investment in history. jessica dean is up on capitol hill for us. jessica, we're watching this all