Democratic members of the US Senate passed the climate and health spending package on Sunday, passing legislation to the House, bringing Joe Biden one step closer to a key legislative victory ahead of the critical midterm elections in November.
US “Inflation Reduction Act” Passed by Senate
Officially known as the Inflation Reduction Act, the bill, if enacted, will allocate $369 billion to reduce greenhouse gas emissions and invest in renewable energy sources.
Experts estimate that the bill’s climate-related provisions will reduce America’s emissions that warm our planet by about 40% by 2030, compared to 2005 levels.
Democrats promised that the bill would lower healthcare costs for millions of Americans by allowing Medicare to negotiate prescription drug prices and limiting Medicare recipients’ prescription drug prices to $2,000 a year.
Policy changes include a new minimum corporate tax, a 1% excise tax on stock buybacks, and tighter enforcement by the Internal Revenue Service.
US President Joe Biden said the following on the subject in his statement on Twitter:
“Today, Democratic members of the Senate passed the Inflation Reduction Act to align with American families rather than private interests, to lower the cost of prescription drugs, health insurance, and energy, and to reduce the budget deficit while allowing the richest companies to pay their fair share.”
Today, Senate Democrats passed the Inflation Reduction Act, siding with American families over special interests, voting to lower the cost of prescription drugs, health insurance, and energy and reduce the deficit while making the wealthiest corporations pay their fair share.
— Joe Biden (@JoeBiden) August 7, 2022
The final vote in the Senate was 51 to 50; All Democrats supported the bill, while 50 of their Republican colleagues opposed the bill. Vice President Kamala Harris cast the tie-breaking vote after the Senate was split over the bill’s adoption.
bitcoin The price seems to have reacted positively, albeit slightly, at first, in response to the decision.
*Not investment advice.
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