13:38 13/08/2022
This is seen as a victory for President Joe Biden ahead of the midterm elections in November
The Democratic-led House of Representatives passed a $430 billion spending bill seen as the largest package in US history, handing a major legislative victory to President Joe Biden ahead of the Nov. 8 midterm elections.
The legislation aims to combat climate change, inflation, high drug prices. It would also allow pharmaceutical companies to negotiate lower drug prices for the elderly and ensure that corporations and the wealthy pay taxes. Democrats say the package will help lower inflation by reducing the federal deficit.
The House of Representatives voted 220-207 to approve the measure, titled the Inflation Reduction Act, and send it to Biden to sign into law. The Senate passed the legislation last Sunday after a marathon 27-hour hearing.
"Today, the American people won", Biden said in a tweet. Democrats hope the legislation will help them on the ballot in November, when voters decide the balance of power in Congress ahead of the 2024 presidential election. Republicans are favored to win a majority in the House and could also take control of the Senate.
About half of Americans support the legislation, including 69% of Democrats and 34% of Republicans, according to a Reuters/Ipsos poll conducted Aug. 3 and 4. Republicans oppose the legislation, warning that it will destroy jobs by raising corporate tax bills, further fueling inflation at government expense.
Clan News
