On Sunday, the US Senate passed a mega package of measures to mitigate global warming, minimize drug costs, and make big businesses pay higher taxes.
President Biden and Democrats revealed that the legislation, costing an estimated $740 billion, would do all those things while fighting record-high inflation.
According to reports, the bill dubbed the Inflation Reduction Act passed along party lines, with Vice President Kamala Harris casting the tie-breaking vote.
Political experts said the passage came after key Biden priorities embedded in the legislation had appeared to be all but dead following months of fruitless negotiations last year — and as Democrats are fighting to maintain control of Congress in the upcoming midterm elections.
“It’s been a long, tough, and winding road, but at last, we have arrived,” Senate Majority Leader Chuck Schumer (D-N.Y.) said.
“The Senate is making history. “I am confident the Inflation Reduction Act will endure as one of the defining legislative measures of the 21st century,” Schumer added.
The newly passed bills include nearly $400 billion to fight climate change — the biggest investment the feds have ever dedicated to the cause, Democrats boasted.
The funding also covers tax credits for buying electric vehicles and the manufacture of solar panels and wind turbines.
There are also home energy rebates and cash to reduce pollution in minority communities, among other measures.
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