On Friday, the US House of Representatives voted 220/207 to pass the 430 Bn dollars ‘Inflation Reduction Act of 2022’ after months of negotiations among Democrats in the United States Senate that finally produced a landmark healthcare, climate change, and tax package.
The bill was approved by the Senate 51/50 party-line vote, with VP Kamala Harris casting the tie-breaking vote, on August 7 after a twenty-seven-hour debate session and GOP attempts to derail the climate change package. The move has given Joe Biden, the President of the U.S., and the incumbent party a crucial success before the United States midterm elections.
According to the media reports, the bill, which is a reduced version of the President’s Built Back Better (BBB) agenda that Mr. Charles Ellis Schumer, Majority Leader of the U.S. Senate, negotiated with key holdout West Virginian Senator Joe Manchin, consists of 369 Bn dollars in investment on climate and environmental programs.
Furthermore, the bill contains ambitious actions to decrease health care costs, giving Medicare, a U.S. government health insurance program, the authority to negotiate with pharmaceutical manufacturers to reduce the price of hundred medicines and spending sixty-four billion dollars to extend subsidized health coverage under the Patient Protection and Affordable Care Act, colloquially known as Obamacare.
Carbon Emissions will be Cut by 40%
According to media reports, the bill would be funded chiefly by an ‘increase in taxes,’ including a fifteen percent minimum duty on businesses that earn at least one billion dollars per annum. Fortunately, according to the Congressional Budget Office (CBO), the lawmaking would reduce the deficit by approximately $0.1 trillion over the coming decade, while Dems express it would cut greenhouse gas emissions by approximately forty percent below ‘levels in 2005’ by year 2030.
Congresswoman Nancy Patricia Pelosi, serving California’s 12th District, said that’s a glorious day for them. They proceeded the monumental bill to President Biden’s desk that would be truly be for the America people.