House Passes Major Part of Biden’s Agenda

The House of Representatives passed a $740 billion budget reconciliation bill — including climate, health and tax measures — that comprises the centerpiece of President Biden’s domestic agenda.

Every single Democrat voted in favor of the bill.

New York Times: “The legislation would pour more than $370 billion into climate and energy programs aimed at helping the United States cut greenhouse gas emissions by an estimated 40 percent below 2005 levels by the end of the decade. It would also extend for three years expanded subsidies under the Affordable Care Act, as well as fulfill a long-held Democratic goal to lower the cost of prescription drugs by allowing Medicare to directly negotiate prices and capping the annual out-of-pocket cost for recipients at $2,000.”

“The package would be financed largely by tax increases, including a new tax on company stock buybacks and a 15 percent corporate minimum tax for wealthy companies. Initial analyses of the legislation found that it could reduce the nation’s deficit by as much as $300 billion over a decade.”

The bill now goes to Biden for his signature.

The bill is a massive accomplishment for Democrats and was thought to be dead just a few weeks ago.