WASHINGTON (Nexstar) — President Joe Biden has maintained fighting climate change is one of his top priorities and Democrats are about to approve historic investments in clean energy with a package that’s also expected to reduce health care costs for many Americans.
The U.S. House will vote on the Inflation Reduction Act on Friday but Democrats like New York Congressman Paul Tonko are already celebrating.
“I think the Inflation Reduction Act is yet another milestone of accomplishment,” Tonko said. “[It] will enable us to do a historic investment in climate change response, $370 billion.”
Congressman Jim McGovern (D-Mass.) said that in addition to helping to slow the planet’s warming, the package Democrats are expected to pass on a party-line vote will also reduce people’s energy bills.
“It provides cheaper, cleaner energy and gives our planet a fighting chance,” he said.
The package of will also extend Affordable Care Act subsidies and reduce health care costs for those on Medicare.
Republicans say new spending is a bad idea and that it will have negative impacts.
“All it is is tax and spending,” said Rep. Bruce Westerman (R-Ark.). “Continue to drive inflation, it’s going to raise taxes.”
“Raising taxes when we are in a recession, even if my friends on the other side won’t admit it, violates every good principle of good economics,” added Rep. Tom Cole (R-Okla.).
One of the biggest provisions in the package would implement is a 15% minimum corporate tax rate, and Democrats say no one who makes under $400,000 a year will see a tax hike.