The legislation is less ambitious than President Joe Biden’s original domestic goals, but it’s still a major victory that Democrats hope will boost their chances of clinging to their slim majorities in the House and Senate in November’s midterm elections. “The Senate is making history,” Senate Majority Leader Chuck Schumer said after raising his fists in the air as Democrats cheered and their staff celebrated the vote with applause. “To Americans who have lost faith that Congress can do great things, this bill is for you,” he said. “This bill is going to change America for decades.” The Inflation Reduction Act (IRA) encapsulates the party’s ideals of tackling global warming, lowering prescription drug costs and taxing big corporations — with nearly $400 billion of the total funds earmarked for climate measures and energy. It would give the world’s second-most polluting country the power to cut greenhouse gas emissions by about 40 percent below 2005 levels by the end of the decade. After a marathon, 27-hour debate session and dozens of attempts by Republicans to torpedo the package, the Senate approved the bill on a 51-50 party-line vote. Vice President Kamala Harris gave the tiebreaker. As the measure pays off and reduces the federal deficit over time, Democrats argue it will help reduce inflation, an economic liability that could hamper their efforts to retain legislative control ahead of the 2024 presidential election. President Biden suffers from low public approval ratings amid high inflation. Republicans, who all opposed the bill, argue it will not address inflation, accusing the measure of a job-killing wish list and left-wing spending. They argue it could undermine growth as the economy risks falling into recession
Analysis: Historic investment to tackle climate change is big win for Biden
David Blevins, Sky correspondent, in Washington Democrats are calling it a “gamechanger” — the first major legislation to tackle climate change in 34 years and a massive $400 billion investment. It comes against a backdrop of extreme weather from coast to coast, with flash flooding claiming two dozen lives in Kentucky last week. There will be hundreds of billions of dollars in tax credits for consumers and companies that make the transition to green energy. Natural gas and oil companies that fail to reduce methane emissions will be penalized, with a target of reducing emissions by 50% by the end of the decade. It’s not pushing them to abandon coal and natural gas entirely, but the battle between the climate movement and the fossil fuel industry is still raging. Democrats pushed the measures as part of a broader law to reduce inflation, cut medical costs and raise taxes on big business. It’s a big win for President Biden, keeping his climate commitments ahead of November’s midterm elections. “Democrats are voting again to allow chaos at the southern border to continue,” Senate Republican Leader Mitch McConnell said in a statement. The document names Democratic Sens. Mark Kelly of Arizona, Catherine Cortez Masto of Nevada, Maggie Hassan of New Hampshire and Raphael Warnock of Georgia, who face tight re-election races in November. The House of Representatives – the US lower house, where Democrats hold a narrow majority – appears likely to pass the bill when it briefly returns from summer recess to vote on Friday. Once it wins final congressional approval, the measure would go to President Biden for final signature. Independent Sen. Bernie Sanders, who is in a caucus with Democrats, offered a series of amendments to expand Medicare, create a civil protection corps and reduce child poverty, but was defeated by lawmakers from both parties.
