US President Joe Biden signed on Tuesday, August 16, a bill involving significant investments in climate protection, ensuring the country’s energy security and supporting health initiatives. As stated by the AP news agency, the measure aims, in particular, to strengthen the Democratic Party’s position among voters less than three months before the November 8 midterm elections.
This is the largest federal investment in climate change, with $375 billion (€368.7 billion) over a decade. Additionally, for members of the US federal program for the provision of medical care for the elderly, Medicare sets the upper limit on direct spending on prescription drugs, which is set at $2,000 (€1,966). The new measures will also help 13 million US citizens cover their health insurance, extending subsidies provided during the COVID-19 pandemic.
$64 billion (€62.9 billion) is allocated to healthcare initiatives, in particular to ensure lower prices for medicines.
The funds will be raised through the corporate tax increase.
The necessary funds will be drawn into the budget through new taxes on large companies and an increase in fees for wealthy individuals and corporations.
At the signing ceremony, Biden criticized his weak support from members of the Republican Party. “At this historic moment, Democrats sided with the American people, and every Republican in Congress was guided by their special interests throughout the vote,” he said.
Party line voting
The votes in the US Congressional House of Representatives during the bill’s passage on August 12 were distributed along the party line (220 Democrats supported the package of initiatives, 207 Republicans voted against).
Before that, the bill passed the US Senate of Congress with a margin of just one vote (51-50), the decisive position was the position of Vice President, Democrat Kamala Harris.
Democratic Party members hope the bill will help them retain seats in both houses of Congress in the midterm elections. Meanwhile, analysts predict that Republicans in November could win a majority in the Senate and House of Representatives.
Measures to reduce inflation in the United States
US authorities believe that the measures provided for in the law will eventually reduce inflation in the country.
Biden promised major reforms a year and a half ago when he took office, but has so far failed to fully implement them.
Source: DW
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