Friday’s approval by the House Democrats of a $739 billion tax hike, climate change, and healthcare bill was a significant boost to President Biden’s domestic agenda in a time of high inflation and low presidential approval ratings.
In a 220-to-207 vote, the House voted along party lines to approve the legislation. Every single Democrat supported the bill in the face of opposition from all Republicans except three who did not vote.
Nancy Pelosi (D.Calif.), House Speaker, said that today was truly a wonderful day.
Republicans opposed this bill strongly, arguing that it would worsen America’s economic situation and impose additional costs on American workers.
Kevin McCarthy, R.-Calif. House Majority Leader, said that “Remember the date.”
The legislation has passed the Senate and now it goes to the President. Biden is expected to sign the legislation soon. His turbulent White House tenure has been marked by high inflation, recession, and falling poll numbers for 40 years.
Steny Hoyer, D-Md. House Majority Leader Steny Hoyer (D-Md. It will lower the deficit, reduce costs, increase access to affordable healthcare and make the largest investments in history to combat global climate change.
Democrats started work on the bill shortly after Biden was elected. This legislation, originally known as Build Back Better, was meant to be a radical overhaul of the nation’s climate infrastructure and economy.
The bill’s final version, which cost more than $3.5 trillion, was rejected by the 50-50 Senate because of Democratic disunity.
Sen. Joe Manchin, in particular, refused to support the bill last year because he was concerned about inflation. The only way that the bill could pass the Senate was through budget reconciliation.
Despite Manchin’s resistance, Senate Majority leader Chuck Schumer (D.N.Y.), worked to revive the package. The inflation Reduction Act was the result of private negotiations between Schumer and Manchin.
Medicare will have the ability to negotiate prices for certain life-saving prescription medications starting in 2023 according to the bill.
Rep. James McGovern (D.MA) stated that “Democrats” have been fighting for lower drug prices for decades. The bill allows Medicare to negotiate with drug companies and allow them to work with them. It caps out-of-pocket insulin costs at $35 for Medicare beneficiaries. You don’t need to spend more than $2,000 a year if you have Medicare. ”
Manchin-Schumer’s bill also includes a 15% minimum tax for corporations. This will raise $313 billion. Democrats also claim they can save $124 billion by investing in the Internal Revenue Service.
The bill would generate $739 billion in total. Climate change subsidies will receive $369 billion. This money will help Biden reach his goal to reduce greenhouse gas emissions by 40% by 2030.
The revenue will pay the deficit, which amounts to more than $300 billion.
