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House passes Inflation Reduction Act on Friday, sends it to Biden’s desk

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House passes Inflation Reduction Act on Friday, sends it to Biden's desk

Speaker of the home Nancy Pelosi, D-CA, reads a letter showing support of the Inflation Reduction Act during her weekly press conference at the U.S. Capitol in Washington, D.C. on Friday. Photo by Bonnie Cash/UPI | License Photo

Aug. 12 (UPI) — The U.S. House passed the Democrat-led Inflation Reduction Act on Friday, almost weekly following the Senate narrowly approved the sweeping legislation that aims to get billions in climate change, tax along with other economy-oriented efforts.

THE HOME, which began debate around 9 a.m. EDT, voted 220-207 on party lines to pass the bill that may now head to President Joe Biden‘s desk for his signature.

It’s unclear exactly when Biden could sign it as he and first lady Jill Biden come in SC on a week-long vacation.

“Today is really a day of extraordinary progress for America’s families, once we send to President Biden the Inflation Reduction Act to be signed into law,” House Speaker Nancy Pelosi said in a statement following the vote.

“Many thanks to all or any of our members for the unity, optimism and persistence you have taken to this fight.”

Pelosi added on Twitter that the Inflation Reduction Act addresses “dining room table issues and counters the impact of special interests.”

“By reducing the price of prescription medications and healthcare, while taking bold action on climate, House Democrats passing this bill today puts people over politics,” Pelosi said.

The Inflation Reduction Act passed by way of a vote of 51-50 in the Senate on Sunday after moderate Democratic Sens. Joe Manchin of West Virginia and Kirsten Sinema of Arizona both made a decision to support it. No Senate Republicans voted for the bill. Vice President Kamala Harris, in her role as Senate president, cast the tie-breaking vote.

The $740 billion package, which Biden is likely to sign into law, can be the United States’ largest-ever investment in climate and energy programs.

It could be covered with new taxes, mostly on corporations and the wealthy. The bill would also for the very first time allow Medicare to negotiate prescription drug prices and keep healthcare subsidies from expiring for 3 years.

The bill, that is a pared-down version of Biden’s initial $3.5 trillion Build Back Better package that the president was forced to whittle down, survived months of shaky negotiations. Manchin helped mold the newer bill that also targets $300 billion in deficit reduction.

The Senate could pass the bill with a straightforward majority through budget reconciliation, an activity which allows fiscal-related legislation in order to avoid a filibuster.

The bill passing the home on Friday marked an enormous win for Democrats just months prior to the November midterm elections.

“This life-changing legislation escalates the leverage of the people’s interest on the special interest,” Pelosi told House members in a memo prior to the vote, in accordance with NBC News. “This bill makes a significant difference at your kitchen table of America’s families.”

The Inflation Reduction Act of 2022, if passed by the home, would head to President Joe Biden’s desk on Friday. Because the Bidens come in South Carolina on holiday, it’s unclear once the president could sign the bill. Photo by Michael Reynolds/UPI

Pelosi discussed four primary areas of the bill, including deficit reduction, giving Medicare a say on drug prices, funding the Affordable Care Act for another 3 years, in addition to the climate and energy measures.

The bill, which puts concentrate on more frequent natural disasters and increasing global warming, would provide federal dollars to companies that spend money on solar and wind power and help transition the U.S. from fossil fuels. In addition, it lays out a decrease in greenhouse gases in the usa by 40% by the finish of the 2020s.

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