Senate Democrats passed their climate and healthcare spending package on Sunday, sending the legislation to the House and bringing Joe Biden one step closer to a significant legislative victory ahead of crucial midterm elections in November.
If signed into law, the bill, formally known as the Inflation Reduction Act, would allocate $369bn to reducing greenhouse gas emissions and investing in renewable energy sources.
Experts have estimated the climate provisions of the bill will reduce America’s planet-heating emissions by about 40% by 2030, compared with 2005 levels.
Democrats have promised the bill will lower healthcare costs for millions of Americans by allowing Medicare to negotiate prescription drug prices and capping Medicare recipients’ out-of-pocket prescription drug prices at $2,000 a year.
Those who receive health insurance coverage through the Affordable Care Act marketplace are also expected to see lower premium costs.
The legislation includes a number of tax provisions to cover the costs of these policies, bringing in $739bn for the government and resulting in an overall deficit reduction of roughly $300bn.
Credit: theguardian.com
