WASHINGTON, D.C. – The House passed a bill to battle climate change, extend healthcare coverage, and raise taxes on corporations, NBC reported.
Now, the Inflation Reduction Act will head to President Joe Biden for his signature, according to NBC.
This comes just ahead of the November midterm elections, the article said, and is a major victory for the Democratic party.
The legislation passed the Senate on Sunday with a tight, 51-50 vote with Vice President Kamala Harris voting to break the tie, NBC said.
Biden said in a tweet that he plans to sign the act into law next week, which you can read below.
In this historic moment, I want to thank Congressional Democrats for supporting the Inflation Reduction Act.— President Biden (@POTUS) August 12, 2022
It required many compromises. Doing important things almost always does. I look forward to signing it into law. pic.twitter.com/S1WmyTSOBM
In another tweet, Biden explained some of what the bill is meant to do.
The Inflation Reduction Act will reduce the deficit by $300 billion.— President Biden (@POTUS) August 6, 2022
And we’ll do it without raising taxes a penny on those making less than $400,000 a year.
A Political Analyst explained the potential impact of the Inflation Reduction Act in an interview with 10 News.
You can read the full bill here.