WASHINGTON, Aug 12 (Reuters) – The Democratic-led U.S. House of Representatives approved a $430 billion bill on Friday that is seen as the biggest climate package in U.S. history, delivering a major legislative victory for President Joe Biden ahead of the Nov. 8 midterm elections.
The legislation to fight climate change and lower prescription drug prices aims to cut domestic greenhouse gas emissions. It will also allow Medicare to negotiate lower drug prices for the elderly and ensure that corporations and the wealthy pay the taxes they owe. Democrats say it will help combat inflation by reducing the federal deficit.
The House voted 220-207 along party lines to pass the measure titled the “Inflation Reduction Act” and send it on to Biden to sign into law. The Senate approved the legislation on Sunday after a marathon, 27-hour session. read more
Biden said he would sign the bill in the week ahead, then the White House would hold a celebration on Sept. 6 in honor of what he said was historic legislation.
“Today, the American people won. Special interests lost,” Biden said in a Twitter post.
Democrats hope the legislation will help them at the polls in November, when voters decide the balance of power in Congress ahead of the 2024 presidential election. Republicans are favored to win a majority in the House and could also take control of the Senate.
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