Senate passes Inflation Reduction Act
WASHINGTON, (WHEC) – The Senate passed the Inflation Reduction Act, a democratic-led package, intended to fight climate change, expand health care and address tax reform. The vote came after a marathon session that lasted through the night and into this afternoon, known as a "Vote-a-rama,"
Vice President Kamala Harris delivered the tie-breaking vote this afternoon. This comes ahead of congress’ month-long recess starting tomorrow.
The bill includes close to $400 billion to fight climate change, allows Medicare to negotiate the prices of some prescription drugs, and establishes a 15% corporate minimum tax on companies worth $1 billion or more.
The bill now heads to the house where it is expected to pass. Senator Chuck Schumer says the Senate is making history.
"It’s a momentous achievement, momentous. That’s going to set our country in a path to better days ahead. I think the public will understand that and I think it’s going to help us in November significantly, in two ways, first, the specific things we’re doing that people care so much about. And second, hey, Democrats even in this tough situation, polarized 50/50 can actually get big things done,” said Schumer.
Governor Kathy Hochul also released a statement applauding the package saying, “I applaud Majority Leader Schumer and Senate Democrats for reaching an agreement on the inflation reduction act of 2022. The compromise legislation makes critical investments to address the climate crisis through investments that will lower utility costs for everyday New Yorkers and spur renewable energy production needed to meet our emission reduction goals. Under this legislation, New Yorkers will also see lower healthcare costs and an extension of critical subsidies to ensure insurance remains affordable. To support these critical programs, the package finally closes longstanding corporate tax loopholes. I call on all my colleagues in the House of Representatives to swiftly pass this legislation, so it can quickly arrive at President Biden’s desk for his signature, and so relief arrives to New Yorkers as quickly as possible."
Republicans argued the plan won’t have a big impact on inflation and in turn, raise taxes while leading to job loss.