The U.S. Senate passed a sweeping $430 billion bill intended to fight climate change, lower drudge prices, and raise some corporate taxes.
The bill finally passing the Senate is a major victory for President Joe Biden, as well as Democrats, who whole this will support their chances of keeping control of Congress in the upcoming midterm elections in November.
Three was a marathon debate and vote over the weekend, lasting 27 hours, as Republicans tried to derail the package. But the Senate approved the legislation known as the Inflation Reduction Act by a 51-50 party-line vote, with Vice President Kamala Harris casting the tie-breaking ballot.
The action sends the measure to the House of Representatives for a vote, likely at the end of the week on Friday. Then, representatives plan to reconvene briefly during a summer recess. They are expected to pass the bill, which would then send the bill to the White House for President Joe Biden to sign into law.
“The Senate is making history,” Senate Majority Leader Chuck Schumer said after pumping his fists in the air as the Democrats cheered, with staff members giving it a standing ovation.
“To Americans who’ve lost faith that Congress can do big things, this bill is for you,” he said. “This bill is going to change America for decades.”
Democrats whole that its passage will help the party’s House and Senate candidates in the midterms, also at a time that Biden is suffering in the polls.
The legislation is aimed at reducing carbon emissions and shifting consumers to green energy. It also means a cut in prescription drug costs for the elderly and the tightening enforcement of taxes for corporations and for the wealthy.
The measure will pay for itself and it will reduce the federal deficit over time.
Democrats say that the new law will help to bring down inflation, which is an economic liability weighing on their hopes of retaining legislative control in the run-up to the 2024 presidential election.
The bill was approved by the Democrats using a parliamentary maneuver called reconciliation, which allows budget-related legislation to avoid the 100-seat chamber’s 60-vote threshold for most bills, and instead to pass on a simple majority.
The several hours of debate were followed by a rapid-fire “vote-a-rama” on Democrat and Republican amendments on Saturday evening,s trenching into Sunday afternoon.
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