US Senate approves historic $430 billion climate package | Currently

On Sunday, the US Senate approved a massive package of measures worth 430 billion dollars (more than 422 billion euros). In the coming years, this money will be invested mainly in climate measures. Medicines will also become cheaper and there will be tax advantages for companies with climate-friendly initiatives.

The law is officially called Inflation reduction law (Law to reduce inflation). The United States will use the money, among other things, to reduce carbon dioxide emissions by 40 percent by 2030. In addition, Americans will pay less for essential medicines and energy.

Americans can also apply for a subsidy to purchase solar panels and heat pumps. Companies that invest in clean energy and other climate-friendly initiatives can count on tax benefits.

After two days of debate, the senators finally came to a vote on Sunday. The result was fifty to fifty in the 100-member Senate, but Vice President Kamala Harris’ vote was decisive.

“With this package, we are taking a historic step for the American people. It’s time to look to the future, and that’s what we’re doing with this resolution,” said Chuck Schumer, leader of the Senate Democratic group.

The bill must be approved by the House of Representatives again, but this is a formality. Democrats have a majority there and will vote on Friday on the proposal submitted by their party.

Passing the bill through the Senate is a major victory for Democrats and President Joe Biden as the midterm elections approach. Democrats are at risk of losing their House majority in November.

Vice President Kamala Harris’ vote was crucial in the Senate.