The Inflation Reduction Act, according to Democrats, will address climate change and high drug costs for the elderly. Republicans submitted over two dozen amendments to derail a bill that, according to them, fails to address inflation.
The United States Senate has approved a comprehensive bill that, according to its proponents, will reduce climate-warming carbon emissions, reduce drug prices for the elderly, and increase taxes on corporations and the wealthy.
The legislation is less ambitious than President Joe Biden’s original domestic goals, but it is still a major victory that Democrats hope will increase their chances of retaining control of Congress in the midterm elections in November.
The Inflation Reduction Act (IRA) embodies the party’s goals of combating global warming, reducing pharmaceutical prices, and taxing large corporations.
The Senate passed the bill on a party-line vote of 51 to 50 after a marathon, two-day weekend session of debate, and dozens of attempts by Republicans to derail the package. Vice President Kamala Harris cast the deciding vote to break a tie.
Senate Majority Leader Chuck Schumer stated at the beginning of Saturday night’s debate, “It is time to move forward with a bold, comprehensive package for the American people.”
The legislation, according to him, contains “the most audacious clean energy package in the history of the United States” to combat climate change while reducing consumer costs for energy and some medicines.
As the measure pays for itself and reduces the federal deficit over time, Democrats argue that it will help reduce inflation, a potential economic liability that could hinder their efforts to retain legislative control before the 2024 presidential election.
Republicans argue that the bill will not address inflation, slamming it as a job-killing, spending wish list from left. They argue that it could hinder growth just as the economy is on the verge of a recession.
Mitch McConnell, the leader of the Senate Republican caucus, said in a statement, “Democrats voted again to allow chaos at the southern border to persist.”
The document named Democratic Senators Mark Kelly of Arizona, Catherine Cortez Masto of Nevada, Maggie Hassan of New Hampshire, and Raphael Warnock of Georgia, all of whom face close re-election contests in November.
On Friday, when it returns briefly from summer recess, the House of Representatives, the lower chamber of Congress, will vote on the measure. After receiving final approval from Congress, the measure would be sent to President Biden for final approval.
Senator Bernie Sanders, an independent who caucuses the Democrats, proposed many amendments to extend Medicare, establish a civilian conservation corps, and eliminate child poverty but was blocked by legislators of both parties.
