![]() Republicans argue the new spending will aggravate inflation. Politics The Senate is moving ahead on Democrats' sweeping health, climate and tax billÄemocrats have argued the measure will tackle voters' main economic concern, naming it the Inflation Reduction Act. It also restricted the measures in the bill to those that directly change federal spending and revenue. The legislation was passed through the budget reconciliation process, which meant that all 50 Democrats in the Senate and one tie-breaker vote from Vice President Harris were needed, since none of the 50 Republican senators voted for the bill. Its final major hurdle was a marathon voting session last weekend in the Senate. Majority Leader Chuck Schumer, D-N.Y., and Sen. Senate Democrats revived the bill, a year in the making, with a furious few final weeks of negotiations mainly between Sen. House Speaker Nancy Pelosi, D-Calif., called it a "glorious day," adding, "We sent to the president's desk a monumental bill that will be truly for the people." It was passed without any Republican support and now goes to President Biden for his signature. ![]() The House gave final congressional approval on Friday to a spending bill which would attempt to tackle climate change, the high cost of prescription drugs and lower the deficit by roughly $300 billion. Despite not achieving everything Democrats wanted, the $737 billion act will focus on slowing climate change, lower health care costs, a 15% corporate minimum tax, a 1% fee on stock buybacks and enhancing IRS enforcement. Speaker of the House Nancy Pelosi, D-Calif., talks to reporters on Friday during her weekly news conference ahead of the House vote on the Inflation Reduction Act of 2022.
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