![]() ![]() On health reforms, the bill takes on making prescription drugs more affordable - but there are some limits. "It puts us within a close enough distance that further executive action, state and local government efforts and private sector leadership could plausibly get us across the finish line by 2030," said Jesse Jenkins from Princeton University, who leads the REPEAT Project analyzing the impact of government climate actions. The bill will, according to Democrats, lower greenhouse gas emissions by 40%, based on 2005 levels, by the end of the decade, which is short of the 50% Biden had originally aimed for. It also includes several tax credits for individuals on things like electric vehicles and making homes more energy efficient. This portion of the bill takes on transportation and electricity generation, and it includes $60 billion for growing renewable energy infrastructure in manufacturing like solar panels and wind turbines. ![]() history.Įnvironment Climate experts experience an odd sensation after the Manchin budget deal: optimism More than $300 billion will be invested in energy and climate reform, the largest federal clean energy investment in U.S. You can see the entire 730-page bill here. Here's a look at some of what did get included in the Democrats' bill, and what didn't. "My message to Congress is this: This is the strongest bill you can pass."Īfter the House passed it on Friday, Biden said he will sign the "historic legislation" next week. But it's often how progress is made," Biden said at the White House last month. Overall, the bill is a very scaled-down solution to what many Democrats, including President Biden, had asked for originally. "Democrats, more than any other majority in history, are addicted to spending other people's money, regardless of what we as a country can afford," McCarthy added. House Minority Leader Kevin McCarthy, R-Calif., called the bill "tone deaf" ahead of Friday's floor vote. The nonpartisan Congressional Budget Office says, though, the bill has a "negligible" effect on inflation in 2022 and into 2023. Republicans argue the new spending will aggravate inflation. Politics The Senate is moving ahead on Democrats' sweeping health, climate and tax billĭemocrats have argued the measure will tackle voters' main economic concern, naming it the Inflation Reduction Act. It also restricted the measures in the bill to those that directly change federal spending and revenue. The legislation was passed through the budget reconciliation process, which meant that all 50 Democrats in the Senate and one tie-breaker vote from Vice President Harris were needed, since none of the 50 Republican senators voted for the bill. Its final major hurdle was a marathon voting session last weekend in the Senate. Majority Leader Chuck Schumer, D-N.Y., and Sen. Senate Democrats revived the bill, a year in the making, with a furious few final weeks of negotiations mainly between Sen. House Speaker Nancy Pelosi, D-Calif., called it a "glorious day," adding, "We sent to the president's desk a monumental bill that will be truly for the people." It was passed without any Republican support and now goes to President Biden for his signature. The House gave final congressional approval on Friday to a spending bill which would attempt to tackle climate change, the high cost of prescription drugs and lower the deficit by roughly $300 billion. Despite not achieving everything Democrats wanted, the $737 billion act will focus on slowing climate change, lower health care costs, a 15% corporate minimum tax, a 1% fee on stock buybacks and enhancing IRS enforcement. Speaker of the House Nancy Pelosi, D-Calif., talks to reporters on Friday during her weekly news conference ahead of the House vote on the Inflation Reduction Act of 2022. ![]()
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