TELETRADER News
8/7/2022, 11:21 PM
(Source: TeleTrader)
Senate passes Inflation Reduction bill
The United States Senate passed on Sunday the Inflation Reduction Act of 2022 which has a goal to fight inflation by lowering the country's deficit, reducing health care costs, and investing in cleaner energy sources.
The anti-inflation bill passed 51-50, as all the Democrats voted in favor of it, while all the Republicans voted against it. The tie-breaking vote was cast by United States Vice President Kamala Harris.
Should the bill be signed into law, it would raise $739 billion and authorize $369 billion for greener energy sources. The legislation now awaits the approval of the House, after which it will be passed on to US President Joe Biden for signing.