President Joe Biden’s $370 billion Inflation Reduction Act is anticipated to be passed by the House of Representatives on Friday.
The proposal, which passed the Senate with solely Democratic votes on Sunday, intends to lower the cost of prescription pharmaceuticals and health insurance, as well as incorporate a variety of green energy programs, all of which were important foundations of Biden’s original Build Back Better plan.
It imposes a 15% minimum tax on firms, earning enough revenue to pay down the debt as well.
‘And it is indeed a beautiful day for us. ‘We sent to the president’s desk a major law that will genuinely be for the people, the Inflation Reduction Act,’ House Speaker Nancy Pelosi said at a news conference Friday morning.
Pelosi praised Senate Majority Leader Chuck Schumer for shepherding the legislation through the Senate. ‘Sadly, for all the good it does, without a single Republican vote,’ said the Democratic leader.
House Republicans are also anticipated to vote overwhelmingly against the bill. A procedural vote to begin discussion was divided along party lines on Friday morning, with 219 Democrats voting in favor and 208 Republicans voting against.
While final approval is likely by mid-afternoon Friday, Republicans may exploit procedural obstacles to postpone a vote for many hours.
Republicans have complained that the package would increase taxes on the middle class, which the Associated Press fact-checkers have called into question.
They’ve also referred to money in the measure that go toward employing additional IRS personnel, implying that the ordinary American may face tax audits.
According to the Treasury Department, audits for persons earning less than $400,000 are not likely to increase.
The bill’s success will provide Biden and Democrats with much-needed momentum heading into the November midterm elections.
Historically, the president’s party loses seats in Congress during his or her first midterm election as president.
Biden has also been beset by poor poll ratings for months due to a succession of problems, including the COVID-19 epidemic, 40-year-high inflation, a newborn formula scarcity, and the conflict in Ukraine. His government also oversaw a bungled withdrawal from Afghanistan a year ago.
However, on the legislative front, Biden has presided over a number of victories. Congress enacted a big COVID relief measure last year, followed by a bipartisan infrastructure package.
However, the Build Back Better plan, which was meant to be a follow-up to the COVID relief package and included provisions for healthcare, childcare, and climate change, seemed dead in the water in December when moderate Democratic Sen. Joe Manchin declined to sign on.
However, late last month, Manchin and Senate Majority Leader Chuck Schumer announced a compromise and the passage of the Inflation Reduction Act.
The news stunned Washington, since Democrats have seldom been able to outmaneuver Senate Minority Leader Mitch McConnell.
McConnell had threatened to torpedo the bipartisan CHIPS law, which helps the US semiconductor sector compete with China, if a reconciliation bill was brought up again. Manchin and Schumer made their move only hours after the Senate passed the CHIPS Act.
After a marathon 27-hour session on Sunday, Senate Democrats enacted the Inflation Reduction Act using the reconciliation procedure, allowing them to avoid a Republican filibuster and pass the measure on a party-line vote.
It’s unclear when Biden will sign the measure following the House vote on Friday.
He is on vacation with his family in Kiawah Island in South Carolina.
When asked earlier this week when the president may sign the law, White House press secretary Karine Jean-Pierre said she had no plans to reveal.
‘We are grateful for what the Senate was able to accomplish only a few days ago. And we are hoping that the House will approve it so that we can deliver for the American people,’ she added.