After nearly 18 months of negotiations and an all-night vote-a-rama, cheers and “dancing” in the streets broke out Sunday after Vice President Kamala Harris cast the tie-breaking vote and the US Senate passed the Inflation Reduction Act. The bill invests around $370 billion in climate and energy programs, which three independent analyses suggest could enable the US to cut climate pollution by about 40% below 2005 levels by the end of the decade.
Though the Senate bill is less than Biden’s original vision and the $2.2 trillion measure the House passed in November, it still represents the largest investment in climate change in the country’s history. Republicans, who upped Biden’s defense budget to $810 billion, attacked the bill as “a reckless tax and spending spree” during the negotiations, but analysis finds the legislation would reduce the federal deficit and have a limited impact on federal spending.
The House could approve the bill as early as Friday, when representatives plan to return to Washington. (Reuters, NBC News, PBS NewsHour, CNBC, MSNBC, AP, CNN, Vox, Grist, Sky News, Politico $, The Atlantic $, New York Times(1) $, New York Times(2) $, Wall Street Journal $, LA Times $, Bloomberg $, CNBC, The Hill(1), The Hill (2), Explainers: New York Times $, Wall Street Journal $, Bloomberg(1) $, Bloomberg(2) $, Vox, Reuters, Washington Examiner)