US House Passes Landmark Inflation Reduction Act, Measure Now Heads to Biden

The Inflation Reduction Act was approved by the Senate last Sunday, delivering the Biden administration a significant legislative victory before the November midterm elections. With all Republicans voting against it and all Democrats voting for it, along with Independent Senator Bernie Sanders, the bill passed by a vote of 51–50.

US President Joe Biden's comprehensive climate, tax, and health care package, which included the largest American investment in the fight against global warming, was approved by Congress on Friday.

The House voted for the bill by 220-207 along party lines, following last Sunday's passage in the Senate by a narrow margin, when Vice President Kamala Harris broke the tie to send the bill to the lower chamber.

Democrats declared victory on high-profile initiatives such as providing Congress with the largest-ever investment in reducing carbon emissions, reining in pharmaceutical costs, and taxing large corporations. As pundits in the media note, they did this in the hopes that their vote would demonstrate their ability to achieve results from a perpetually gridlocked Washington.

“Today is a day of celebration, a day we take another giant step in our momentous agenda,” House Speaker Nancy Pelosi said, adding that the initiative “meets the moment, ensuring that our families thrive and that our planet survives.”

Now, the bill will be sent to the president's desk, who is expected to sign it in the coming week. Biden himself has already stated on his Twitter account that this legislative win is a victory for "the American people" and not "special interests."

"With the passage of the Inflation Reduction Act in the House, families will see lower prescription drug prices, lower health care costs, and lower energy costs," the president added in his statement. "I look forward to signing it into law next week."

Last week, the Inflation Reduction Act was presented to the Senate. It has been likened to the now-dead "Build Back Better" plan, which served as the cornerstone of Biden's agenda.

Free pre-kindergarten, paid family and medical leave, expanded Medicare benefits, and loosened immigration regulations were also included in Biden's initial 10-year, $3.5 trillion package. However, the original bill met fierce opposition within the Democratic party. Sen. Joe Manchin, a moderate Democrat from West Virginia, used his influence in the Senate, which is evenly divided, to declare it was too expensive and bring it to a halt.

However, the final legislation was nonetheless substantial. To encourage business and consumers to switch from carbon-emitting to cleaner kinds of energy, it will invest around $375 billion over the course of ten years. This includes $4 billion to deal with the severe drought in the West.