With their votes alone, the Democrats adopted this program of 430,000 million dollars of investments, which will return to the House of Representatives for a final vote, before being signed into law by Biden.
Biden celebrated the Senate’s decision and acknowledged that not everyone is happy with the final result.
“It’s taken a lot of deals,” Biden said. in a statement “The House of Representatives should pass it as soon as possible and I look forward to signing it into law,” he added.
A key plan for Joe Biden
The product of difficult compromises with the right wing of the Democratic Party, the initiative, called the “Inflation Reduction Act”, includes 370,000 million dollars for reduce gas emissions greenhouse by 40% before 2030.
With this reform, each American will receive up to $7,500 in tax credits for the purchase of a electric car.
The installation of solar panels on the roofs will be reimbursed at 30%.
This reform would make it possible to strengthen the resilience of forests in the face of the monstrous fires that devastate the west of the country, whose multiplication has been directly attributed to global warming.
Several billion dollars in tax credits to the most polluting industries to help them in their energy transitiona measure strongly criticized by the left of the party, which had to line up behind this text as they were unable to reach a more ambitious agreement.
The stumbling block of Biden, a senator from West Virginia
Biden has had to resign himself to the fact that the enormous reform plans with which he came to power were due to the refusal to vote for them by a senator from his own camp, the extremely moderate Joe Manchin.
Given the razor-thin Democratic majority in the Senate, Manchin, elected from West Virginia, a state known for its coal mines, has virtually acquired a veto right over these projects.
At the end of July, however, the leader of the Senate Democrats finally succeeded in wresting a compromise from him.
On Saturday, the senators finally began to debate the text in the chamber for fifteen uninterrupted hours, disposing of dozens of amendments.
amendments
Both the Republican opposition, which considers the government’s plan very expensive, and the Democratic left wing, which would like it to be more ambitious, took advantage of that opportunity to formulate their proposals.
The influential left-wing senator Bernie Sander presented several amendments that aim to reinforce the social aspect of the textwhich in recent months was considerably cut.
The text foresees 64,000 million dollars of investment in Health and the gradual reduction in the price of certain medicines, which in the United States can be up to ten times more expensive than in other rich countries.
But the progressives had to abandon their ambitions of day care centers Y free public universities and better care for the elderly.
“Millions of retirees will continue to have rotten teeth and will not receive the dentures, hearing aids or glasses they deserve,” Sanders criticized.
“This bill does not solve this problem at all,” he said.
But the Democratic camp, eager to implement this plan ahead of November’s dangerous midterm elections and offer a victory to a president with an anemic approval rating, banded together and rejected the vast majority of the amendments.
Parallel to these massive investments, the bill aims to reduce the public deficit with a new minimum tax of 15% for all companies whose profits exceed one billion dollars.
It thus aspires to prevent some large companies from using the tax loopholes that have allowed them to pay a rate much lower than the theoretical one.
It is estimated that this measure could generate more than 258,000 million in federal revenue over the next 10 years.
Source: Ambito
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