The Senate approves a bill appropriating over $750 billion in health care, tax, and climate legislation on Sunday afternoon. President Joe Biden and his coalition have earned yet another victory.
The bill was approved by the Senate in a 51-50 vote, with US Vice President Kamala Harris casting the deciding vote. Months of deliberation and debate preceded the bill’s third reading before the panel. It would give Democrats the chance to brainstorm policy changes and targets that would benefit them in their bid for the midterm elections.
The bill will be debated in the Lower House, which Democrats control, on Friday, August 12th. Before the bill can be sent to Biden for signature, it must be approved by the Democrat-controlled House.
The bill’s provision on healthcare
The Inflation Reduction Act bill, if passed, would have been the largest climate investment in US history. It has the potential to be a game changer in US healthcare policy because it would permit Medicare to levy price changes on prescription medications; additionally, the bill allows authorities to extend health care handouts for another three years.
More tax revenue would be generated for the state as the corporate tax would be raised to 15% at the very least, with an additional 1% on tax buybacks. The law would simultaneously give the Internal Revenue Service more prerogative in tax collection, implying that tax evaders would face reprimand if they disobeyed the bill’s new provisions.
The act would have collected over $700 billion in tax income within just ten years, which could be utilized to expand medical insurance benefits and reduce carbon emissions. The aforementioned things will receive approximately $430 billion in accordance with the stipulations of the bill.
One of the bill’s main sponsors, Senator Joe Manchin of West Virginia, said the bill he composed and advocated was balanced enough to help both the population and the county.
“I think we’ll all benefit from it; the country will. We have energy security; that’s what we were looking for. And we have the ability to invest in the energy of the future,” said Senator Manchin.
Meanwhile, Biden was overjoyed with the outcome of the voting. He thanked his colleagues for giving a chance to enliven a bill that he and other Democrats had previously attempted to pass.
“Today, Senate Democrats sided with American families over special interests, voting to lower the cost of prescription drugs, health insurance, and everyday energy costs and reduce the deficit while making the wealthiest corporations finally pay their fair share,” said President Biden.
On climate crisis
Economists have differing views on the bill’s ability to counteract the country’s existing climate crisis instigators. However, if properly implemented, as required by the bill, its provisions would have a significant impact on reducing carbon emissions.
The bill includes a $370 billion subsidy for clean energy and the environment. The sum represents the largest climate investment in US legislation since the passage of the Clean Air Act years ago. According to experts, the bill was passed during a period when the country was ravaged by intense heat caused by heat waves. The climate subsidy should help mitigate the effects of climate-related issues in the United States now that the bill only needs to pass the Democrat-controlled House.
Senate Majority Leader Chuck Schumer, who co-sponsored the bill with Sen. Manchin, declared that the main aim of the bill is to reduce carbon emissions by 40% by 2030.
Biden previously espoused 50% by 2030. However, the president’s vision could only be actually realized with tougher regulations on giant organizations and other factors that contribute substantially to global warming.
“This isn’t about the laws of politics, this is about the laws of physics. We all knew coming into this effort that we had to do what the science tells us what we need to do,” stated Sen. Brian Schatz of Hawaii.