Sen. Kyrsten Sinema will support the Democrats' economic bill, giving the Democrats the votes needed to pass the legislation.
Sinema's support is critical given that all 50 Republicans will oppose a plan they argue would hurt the economy and cost far more than Democrats are contending -- so any one Democratic defection could sink it. In a statement, Sinema indicated that she won several changes to the tax provisions of the package, including removing the tax on carried interest, which would have impacted hedge fund managers and private equity. That proposal would have raised $14 billion.
The bill still needs to be approved by the Senate parliamentarian in order to advance under the rules surrounding reconciliation, which would allow the legislation to be passed by a simple majority.It's unclear when the parliamentarian, Elizabeth MacDonough, will announce her decision on the package.
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