Home » US Congress approves Biden’s massive climate and health bill worth over $430 billion | Political News

US Congress approves Biden’s massive climate and health bill worth over $430 billion | Political News

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US Congress approves Biden’s massive climate and health bill worth over $430 billion | Political News

On Friday, the U.S. Congress voted to finally approve President Joe Biden’s massive climate and health bill, a major political victory for the Democratic president, less than three months before key legislative elections time.

Democrats narrowly pushed through the more than $430 billion plan in the House after a similar vote in the Senate a few days ago.

“Today, the American people won,” Biden said, adding that through the plan, “families will see lower prices for drugs, health care and energy costs.”

Biden announced in a tweet that he would release the text next week to become an effective law designed to put the country on the right track to meet its greenhouse gas emissions reduction goals.

On the other hand, House Speaker Nancy Pelosi said before the vote that “today is a day to celebrate”, adding that the law will allow American families “to prosper and our planet to survive.”

By contrast, the Republican camp believes the rule would lead to unnecessary public spending, and former President Donald Trump — via his social network “Truth Social” — called on all Republicans to oppose the plan.

The plan — which won the support of most climate-change groups — provides for $370 billion for the environment and $64 billion for health.

The plan — dubbed the Reducing Inflation Act of 2022 — also aims to reduce public budget deficits by imposing a new tax of at least 15 percent on companies with profits over $1 billion.

The plan, the largest investment in the climate sector in the United States, aims to reduce greenhouse gas emissions by 40 percent by 2030.

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Biden has set a goal of cutting greenhouse gas emissions by at least 50% by 2030.

Under the reform, U.S. citizens can get about $7,500 in tax deductions when buying an electric vehicle, plus financing for 30 percent of the cost of installing solar panels on their roofs.

lower drug prices

On the health front, the plan approved for the first time a $64 billion investment in the health sector, gradually reducing the price of some drugs, and Medicare — the health insurance system that benefits people over 65 — negotiated some drug prices directly with laboratories for the first time. , get the most competitive price.

In addition, starting in 2025, seniors will not pay more than $2,000 a year for medication.

The program expands care provided by the Affordable Care Act known as Obamacare and provides health insurance to millions of Americans.

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