AFP
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NOS News•today, 21:48•Amended today, 22:09
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The US Senate has approved a major investment plan from President Biden by one vote. The vote of Vice President Kamala Harris was decisive, with the proposal passed by 51 votes to 50. The Inflation Reduction Act includes the largest investment in climate action in US history. The House of Representatives is expected to consider the law next Friday.
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The package of measures is worth 700 billion dollars, about half of which is earmarked for climate and environmental measures. Large sums are also being invested in health insurance, lower drug prices and reducing the budget deficit. The package is financed by the imposition of a minimum tax of 15 percent for businesses and the very richest segment of the population.
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Senate support for the bill is seen as a major victory for President Biden, who has so far failed to deliver on his resolutions. Only last Friday did the Democratic senators, who hold exactly half the seats in the Senate, agree on the investment proposals. Two conservative Democratic senators, Joe Manchin and Kyrsten Sinema, have been thwarting for a long time. They thought the climate measures went too far and objected to the tax increase.
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Of Inflation Reduction Act is a much slimmed down version of the original and much bulkier Build Back Betterplan, which involved $2 trillion in investments. Due to a lack of support, including among the Democrats, those plans have been drastically revised.
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