Biden’s $ 1.75 trillion bill passed by Democrats

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Democrats have approved a $ 1.75 trillion bill on social policy and climate for US President Joe Biden. Specifically, the text entitled “Build Back Better” was approved by the House of Representatives where the Democrats have the majority, a few days after the signing by Joe Biden of the big law on infrastructure. This is the largest investment plan in US history to combat climate change and reduce emissions. After the approval of the Democrats in the House, the bill takes the road to the Senate.

This plan envisages, among other things, the reduction of emissions by half by 2030 and their zero by the middle of the century. The bill invests $ 555 billion in climate programs, primarily through tax incentives for energy sources with low emissions. But that’s less than the $ 600 billion that the Democrats originally projected at $ 3.5 trillion.

If this bill is passed then it will be difficult for future governments to revoke the measures envisaged. The last attempt in the US to pass climate legislation was in 2009, when Democrats failed to approve a coal pricing system under former US President Barack Obama.

President Biden said in a statement that the approval of the plan “is a new giant step towards the continuation of my economic program, to create jobs, reduce costs, to make our country more competitive and to give a real opportunity for success for employees as well as the middle class “.

The approval came three days after the Democratic president signed the first part of his grand economic plan, the law to upgrade infrastructure. It is the largest public works program in the United States since President Dwight D. Eisenhower established the Interstate Highway Network in 1956.

The next stage for Build Back Better will be the Senate, where its adoption is predicted to be difficult. He will then return to Parliament, most likely in December or January.

Biden also called House Speaker Nancy Pelosi to congratulate her on passing the bill, White House spokeswoman Jen Psaki said.

“Today’s vote brings us closer to a stronger and more resilient economy” with increased competitiveness and a “lower tax burden on middle-class families,” said Finance Minister Janet Yellen.

“Millions of jobs”

In Parliament, Democrats did not have to lose more than three votes to pass the bill. In the end, only one Democrat sided with the Republicans and voted against it.

The vote was originally scheduled for Thursday night, but House Republican Rep. Kevin McCarthy derailed the majority with a river speech that began at 8:30 p.m. and ended at 5 p.m.

“The biggest challenge was to make sure the text got this far,” commented Nancy Pelosi.

The White House promises that its ambitious reforms will create millions of jobs, while Republicans see it as a costly Democrat craze.

The bill “will reduce the deficit by more than $ 100 billion in a decade,” Biden said.

However, there is a long way to go before final approval: in the Senate, Democrats must not lose a single vote. Any secession of the 48 Democrats and the two independent senators would lead to his rejection. “We will act as soon as possible to get this bill to Joe Biden’s office and help middle-class families,” he said.

“Good luck to the Senate,” Republican lawmaker Kat Kamak told Democrats, voting against the bill.

Negotiations on thorny issues, from tax policy to family allowances, are likely to lead to changes in articles of the law. If the Senate approves a modified version of it, then Parliament will have to discuss it and vote on it again, before reaching the Oval Office.

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Source From: Capital

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