In a win for President Joe Biden- who for the past 18 months negotiated his ambitious climate, tax, and health care proposal- the US Senate on Sunday passed the $430 billion spending plan that is now set to head to the House of Representatives.
The bill, which is officially known as the “Inflation Reduction Act”, passed the Senate with no Republicans voting in favor. Conservative lawmakers have criticized the bill as wasteful spending, with top Republican Senator Mitch McConnell accusing Democrats of voting to “double down on their economic disaster.”
A good start for Biden in terms of the upcoming mid-terms, the said plan will include the biggest US investment ever on climate — $370 billion aimed at effecting a 40 percent drop in greenhouse gas emissions by 2030.
Happy with the Senate’s passing, a now COVID-free Biden said, “It required many compromises. Doing important things almost always does. The House should pass this as soon as possible and I look forward to signing it into law.”
As it stands, the bill would provide Americans with a tax credit of up to $7,500 when purchasing an electric car, plus a 30% discount when they install solar panels on their roofs. The legislation would also provide millions to help protect and conserve forests and money would also go to the country’s worst-polluting industries to help their transition to greener methods.