The US Senate passed historic climate legislation. Democrats passed the $750 billion Health, Tax and Climate Act on Sunday (August 7). This is seen as a major victory for President Joe Biden and his party. This information was given in a CNN report.
It is known that 51 votes were cast in favor of the bill and 50 against. The package is the product of long and painstaking negotiations. Moreover, its final passage will give Democrats a chance to achieve major policy goals before the upcoming midterm elections.
The Democrat-controlled House of Representatives is expected to take up the legislation on Friday, August 12. Because Biden must approve the bill there before signing it into law.
The legislation would make the largest investment in the climate sector in US history. Moreover, there will be major changes in the health sector, the budget deficit will decrease. Because the corporate tax has been increased.
If the legislation is finalized, it will increase government revenue by more than $700 billion over 10 years. $430 billion will be used to reduce carbon emissions and the health sector, and the rest of the new revenue will be used to reduce the deficit.
