China News Agency, Washington, August 12 (Reporter Sha Hanting) The U.S. House of Representatives voted on the 12th local time to pass a bill to reduce inflation, covering climate, health care, tax reform, etc.
In today's vote, 220 votes in favor and 207 against.
Voting results are divided entirely by party line.
According to the US financial media CNBC, the bill totals about 430 billion US dollars, of which 369 billion US dollars will be used to fight climate change, and the goal is to reduce carbon emissions by 40% by 2030; For some prescription drugs, Medicare (Medicare) Bargaining power will be obtained for the first time; a tax of at least 15% will be levied for large companies, etc.
The bill had previously passed the Senate.
Democrats passed the bill with 51 votes in favor and 50 against with a key vote of Vice President and Senate President Harris.
Next, the bill will go to the White House to be formally signed into law by the president.
U.S. President Biden tweeted on social media that day that the bill would lower the prices of prescription drugs, health care and energy.
Biden said, "Today is a victory for the American people and a loss for the privileged."
The bill passed that day was a "skinny" version of Biden's original "Build Back Better" bill.
The initial version of the bill, which was worth as much as $3.5 trillion, included free kindergarten education; paid sick and personal leave; and expanded federal health care benefits.
Although the final version is far from the original version, it is still regarded as a "major victory" by Democrats.
Republicans are opposed to the bill.
Republicans argue that the bill, called the Inflation Cut Act, "does nothing" in actually cutting inflation, and that the tax increases in the bill would instead push up prices.