U.S. Senate gives green signal to $739B healthcare & climate bill

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The United States Senate Democrats have recently approved their climate and healthcare spending package, passing the legislature to the House, and bringing U.S. President Joe Biden closer to a momentous legislative victory following the critical midterm elections scheduled to take place in November.

As per sources, the bill (if accomplished) would grant around $369 billion for investing in renewable energy sources and reducing greenhouse gas emissions.

Experts claim that the climate provisions of the bill will aid in reducing planet-heating emissions from America by around 40% by 2030, in contrast to 2005 levels. 

It is to be noted that the democrats have assured that the bill will help cut healthcare costs for several Americans by allowing Medicare to negotiate prescription medication prices and limiting Medicare recipients’ spending on prescription drugs at $2,000 per year.

Meanwhile, lower premium prices are also anticipated for those who purchase health insurance through the Affordable Care Act marketplace.

Several tax provisions for covering the cost of these policies are also included in the legislation, catering to $739 billion for the government and leading to an overall deficit reduction of approximately $300 billion.

The new plan includes a corporate minimum tax, 1% excise duty on stock buybacks and stricter execution by the Internal Revenue Service.

For the record, the final Senate vote was 51-50, with 50 Republican colleagues opposing the legislation and every democrat supporting the bill.

With the Senate being evenly divided on the bill’s passing, Kamala Harris, Vice-President, cast the deciding vote.

Rejoicing the bill’s approval, President Biden stated that the Senate Democrats took a stand today for the American families over voting for reducing the cost of prescribed drugs, everyday energy costs, health insurance and cutting down the deficit, making well-to-do corporations pay their fair share.

He went on to say that he ran for becoming President in view of making the government take initiatives for the working families, and this bill proves to be strong evidence of that.

Source credit - https://www.theguardian.com/us-news/2022/aug/07/inflation-reduction-act-senate-democrats-pass