US lawmakers pass $430billion Inflation Reduction Act in a victory for Joe Biden

Democrats in the House of Representatives passed the Inflation Reduction Act, a major victory for President Joe Biden’s agenda (Picture: Getty Images/AP)

Congressional Democrats have passed a massive $430billion spending bill aimed at tackling issues including the economy, climate change and drug prices – a major legislative victory for the Biden administration.

The House of Representatives approved the Inflation Reduction Act (IRA) on Friday afternoon.

‘Today is a day of celebration, a day we take another giant step in our momentous agenda,’ said House Speaker Nancy Pelosi.

The final vote count was 220-207, with every Democrat supporting it and each Republican voting against it.

The IRA includes many aspects of the President Joe Biden’s Build Back Better plan, a bill that stalled in the Senate last year after it lost support from key moderate and conservative Democrats.

A major portion of the bill’s funding would go to climate change initiatives. It is set to pay about $375billion to shift away from carbon-emitting energy.

The bill also provides for at least a decade of federal subsidies for clean energy, including wind, solar, biogas and hydrogen.

Democrats did carve in some concessions to fossil fuel companies, including moving forward with a controversial pipeline project in West Virginia pushed by conservative Democratic Senator Joe Manchin.

One of the landmark pieces of legislation within the bill is the provision to allow Medicare to negotiate drug prices for seniors.

The Medicare provisions also include a $35 cap on what companies can charge recipients for insulin.

Democrats are hoping the bill will boost support and help their falling poll numbers before the midterm elections in November. Biden’s approval rating hit an all-time low of 36% in May. Since news of the IRA passing the Senate on Sunday, his rating has shot back up to over 40%, by some estimates.

The bill passed the Senate on party lines after a 27-hour long session. It next goes to Biden’s desk to be signed into law.

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