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The U.S.Senate passed a $430 billion inflation-cutting bill



Time:8/8/2022 12:08:27 PM

[The U.S. Senate passed a $430 billion inflation reduction bill] On August 8, the U.S. Senate passed a $430 billion inflation reduction bill. U.S. President Joe Biden said that the House of Representatives should implement the bill as soon as possible and look forward to signing it become law.

The US Senate passed the Democrats' inflation-cutting bill, and the US Senate passed a landmark tax, climate and healthcare bill (the Inflation Cutting Act). The vote on the bill was 51 Democrats in favor and 50 Republicans against, with US Vice President Harris delivering a deadlock-breaking vote. The bill is now before the House of Representatives and is expected to pass on Friday. Democrats called the bill the largest U.S. investment in the fight against climate change. It also aims to prevent big corporations from exploiting tax loopholes and would allow Medicare to negotiate drug prices for the first time. The bill is also expected to deliver substantial budget deficit reductions over the next decade. Republicans were unanimous in their opposition, arguing that the bill would fail to cut historically high inflation and that the tax could push the U.S. economy into recession. The size of the bill was cut from an original $6 trillion to about $437 billion. (Golden Ten)

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