The House of Representatives is on track to vote on Friday to pass Democrats’ $750 billion health care, energy and climate bill, in a significant victory for President Joe Biden and his party.
Once the Democratic-controlled House approves the bill, it would next go to Biden to be signed into law.
Final passage of the bill would give Democrats a chance to achieve major policy objectives ahead of the upcoming midterm elections, at a critical time when the party is fighting to retain control of its narrow majorities in Congress.
The sweeping bill — named the Inflation Reduction Act — would represent the largest climate investment in US history and make major changes to health policy by giving Medicare the power for the first time to negotiate the prices of certain prescription drugs and extending expiring health care subsidies for three years. The legislation would reduce the deficit, be paid for through new taxes — including a 15% minimum tax on large corporations and a 1% tax on stock buybacks — and boost the Internal Revenue Service’s ability to collect.
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