WASHINGTON (Fwrd Axis) — After a marathon session overnight, Senate Democrats officially passed a sweeping climate and economic package on Sunday in a stunning turnaround, putting President Joe Biden and his party on the brink of a massive election year win.
The news comes just three months ahead of the crucial midterm elections, in which Democrats are projected to lose the House but narrowly hold onto the Senate. The legislation passed with a 51-50 vote along party lines with Vice President Kamala Harris breaking the tie in favor of the Democrats.
The legislation, called the Inflation Reduction Act, will now head to the House, which will return from its summer recess on Friday, pass the legislation, and send it to Biden’s desk for his signature as soon as next weekend.
“It’s been a long, tough, and winding road, but at last we have arrived. I know it’s been a long day and a long night. But we’ve gotten it done today,” Senate Majority Leader Chuck Schumer said on the Senate floor.
“After more than a year of hard work, the Senate is making history. I am confident the Inflation Reduction Act will endure as one of the defining legislative feats of the 21st century.”
The bulk of the bill will include $430 billion to combat climate change and extend health care coverage, paid for with savings on prescription drugs and tax increases on corporations. The bill will allow Medicare to negotiate prices with drug companies, cutting prescription drug prices for people 65 and older.
The bill also includes a 15% minimum tax on large corporations and includes a cap on the price of insulin for those 65 and older on Medicare but Republicans did get a $35 cap on insulin in the private market removed.
“I want to thank Leader Schumer and every member of the Senate Democratic caucus for supporting this bill. It required many compromises. Doing important things almost always does,” Biden said in a statement. “The House should pass this as soon as possible and I look forward to signing it into law.”