On Friday (August 12), House Democrats passed a sprawling $740 billion health care, tax, and climate bill, sending the bill to President Joe Biden’s desk in a much-needed legislative victory less than three months before the midterms.
The bill, known as the Inflation Reduction Act, passed on party lines of 220-207, with every Democrat supporting the bill and four Republicans not voting.
Following the passage of the bill House Democrats erupted in applause and cheers.
Four days earlier, Senate Democrats passed the bill through reconciliation, a process that required them to endure a grueling vote-a-rama that threatened the bill’s passage because of amendments made by Republicans.
Following news of the bill’s passage, President Joe Biden took to Twitter stating that he would be signing the bill next week.
During a debate about the bill, House Speaker Nancy Pelosi touted the bill as saving “the planet while keeping more money in your pockets.”
She continued her argument in favor of the hill, saying, “This bill, the Inflation Reduction Act, a package for the people, increases the leverage of the public interest over the special interests, and expands health and financial security now and for generations to come.”
The bill has been more than a year in the making and is an offshoot of Biden’s signature $2 trillion Build Back Better plan, which was opposed by moderate Democrats Senator Joe Manchin (W.Va.) and Kyrsten Sinema (AZ.).
Despite receiving strong opposition from Republicans, who argue it will raise taxes for many Americans, the bill only includes a 15 percent minimum corporate income tax that — according to the Joint Committee on Taxation — will only affect 150 companies.
