US Senate Approves Biden’s $454 Billion Inflation Reduction Act

While much more modest than Democrats had hoped, the passage of an important bill is a welcome boost for Mr. Biden, whose opinion polls have fallen last year.

It is estimated that the climate changes designed to rid the US of fossil fuels could help reduce pollution from the US greenhouse to 60 percent of 2005 levels by the end of the decade.

The bill was passed after a grueling marathon session for senators in which 88-year-old Chuck Grassley took a 10-minute nap to get through the night and 89-year-old Democrat Diane Feinstein shuttled back and forth between her office and the Senate floor.

Key provisions include spending $390 billion on: tackling climate change with $60 billion spent on clean energy, including promoting solar and wind energy.

The bill also established a corporate tax rate of at least 15 percent for U.S. corporations, which is expected to happen to generate $739 billion over the next ten years.

Other measures include $64 billion to subsidize health care and a $2,000 annual cap on the cost of drugs for older Americans receiving Medicare.

But Mr. Biden took a blow when Senate Republicans managed to block a $35-a-month cap on the cost of insulin, limiting the concession to Medicare recipients.