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Victory for Biden: the Senate passed a historic climate law in the amount of 430 billion dollars - voila! news

2022-08-08T12:02:21.336Z


By a 51-50 majority, with the vice president's vote being the tiebreaker, the Senate passed the largest climate legislation in American history that would include tougher enforcement of the income tax and a new tax on stock buybacks, as well as investment in reducing carbon emissions and lowering drug prices


Victory for Biden: The Senate passed a historic $430 billion climate bill

By a 51-50 majority, with the vice president's vote being the tiebreaker, the Senate passed the largest climate legislation in American history that would include tougher enforcement of the income tax and a new tax on stock buybacks, as well as investment in reducing carbon emissions and lowering drug prices

Tali Goldstein

07/08/2022

Sunday, August 7, 2022, 10:30 p.m. Updated: 10:48 p.m.

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The Democrats in the US Senate passed a historic law tonight (Sunday) in favor of the fight against climate change, lowering drug prices and a new tax on corporations - despite extremely strong opposition from the Republicans, in a house divided 50-50.



Passing the law is actually one of the only actions the Biden administration could implement after the Supreme Court overturned a ruling in June that was supposed to allow the federal government to contain sweeping restrictions throughout the country in various sectors, in order to reduce greenhouse gas emissions.

The ruling was a severe blow to the climate policy of Biden who promised in his campaign to make the issue a priority.

The only way to change the Supreme Court's ruling is to pass a federal law - something that is possible only through the voters at the ballot box who will decide whether in the mid-term elections in November and the presidential elections in 2024, they will vote for members of Congress, who represent them, who support the climate, or not.



Voting on the law began yesterday (Saturday) on the "Inflation Reduction Act," which is supposed to deal with climate change, lower the cost of energy and the price of medicine for senior citizens - and force the rich to pay more taxes.

The vote passed by a majority of 51-50, as expected, with Vice President Joe Biden's vote, Kamala Harris, being the tiebreaker in favor of the Democrats.



The voting process known as "econciliation" took 16 hours - a choice by the Democrats in order to avoid the controversial "filibuster" procedure, as well as to avoid the traditional threshold of a simple majority, 100-60, required to pass laws.



The law is now on its way to the House of Representatives for approval, which will probably pass without bipartisan support, and if approved - will reach the president's desk for signature.



It's a huge win for Biden and Democrats hope the legislation will bolster their candidates in the November 8 midterm elections.

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In terms of inflation, the Democrats claim that lowering household energy costs will help a lot in dealing with inflation, as well as lowering drug prices.

The legislation is also supposed to reduce carbon emissions and direct consumers towards green energy products.



The law includes a minimum tax of 15% on corporations, stricter enforcement of the income tax (in order to increase new government revenues from unpaid taxes) - and a new tax on share buybacks.

The legislation includes a total of $430 billion in federal funding, alongside another $740 billion that should come from new government revenue and spread over a decade.



"Democrats have received very good news," Senate Majority Leader Chuck Schumer, a Democrat, said after the passage of the law.

"Medicare will finally be able to negotiate drug prices... this is a significant victory for the American people."

Medicare is the health care insurance plan for people over the age of 65.



"It is time to move forward with a big and bold package for the American people. The legislation contains the largest green energy package in American history" aimed at combating climate change through the reduction of consumer costs in the areas of energy and medicine, he added.

Chuck Schumer, Senate Majority Leader (Photo: Reuters)

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In addition to billions of dollars to encourage the production and purchase of electric cars and clean energy, the law is set to allocate $4 billion to drought relief funds, which could help the campaigns of Democratic senators Catherine Cortez of Stowe, Nevada, and Mark Kelly, of Arizona.

One clause that was removed from the law would have forced drug companies to indemnify the government and private insurance companies in the event that the price of drugs rises faster than inflation.

However, it was ultimately determined that the clause would not apply to private industry and



Republicans promised to do everything in their power to delay or block the law.

Senator Lindsey Graham said the legislation was "a jihad declared on taxes and public spending."

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Kamala Harris, the decisive voice (Photo: Reuters)

Republicans have vowed to do everything in their power to delay or block the law.

Senator Lindsey Graham said the legislation was "a jihad declared on taxes and public spending."



The Democrats are preparing to pass the law using a complex and archaic process called "reconciliation" that will allow the law to be passed without Republican support in the Senate, which is divided 50-50 between the two parties, with the vote of Democratic Vice President Kamala Harris being the tie breaker.



One clause that was removed from the law would have forced drug companies to indemnify the government and private insurance companies in the event that the price of drugs rises faster than inflation.

However, it was finally determined that the section would not apply to private industry.



Senators on the left such as Bernie Sanders are expected to try to expand the scope of the law to include new programs such as federal subsidies for child care or in-home care for adults.

The Republicans have hinted that they will propose clauses related to immigrants who come to the United States from Mexico.

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Source: walla

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