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		</div><p>The US Senate has passed landmark legislation aimed at slowing global warming, moderating pharmaceutical costs and taxing immense corporations.</p>
<p>The estimated 740 billion dollar package heads next to the House, where lawmakers are poised to deliver on President Joe Biden’s priorities in a stunning turnaround for what had appeared to be doomed proposals.</p>
<p>Cheers broke out as Senate Democrats held united, 51-50, with Vice President Kamala Harris casting the tie-breaking vote after an all-night session.</p>
<p>“Today, Senate Democrats sided with American families over special interests,” Mr Biden said in a statement from Rehoboth Beach, Delaware. “I ran for President promising to make government work for working families again, and that is what this Bill does — period.”</p>
<p>The House seemed likely to provide final congressional approval when it returns briefly from summer recess on Friday.</p>
<figure id="attachment_175050" aria-describedby="caption-attachment-175050" style="width: 771px" class="wp-caption alignnone"><img src="https://londonglossy.com/wp-content/uploads/2022/08/CE2A8B9A-90DA-4212-B0D7-3778127B7091.jpeg" alt="" width="771" height="521" class="size-full wp-image-175050" /><figcaption id="caption-attachment-175050" class="wp-caption-text">Chuck Schumer said the Senate was making history</figcaption></figure>
<p>“It’s been a long, tough and winding road, but at last, at last we have arrived,” said Senate Majority Leader Chuck Schumer, ahead of final votes.</p>
<p>“The Senate is making history. I am confident the Inflation Reduction Act will endure as one of the defining legislative measures of the 21st century.”</p>
<p>Senators engaged in a round-the-clock marathon of voting that began Saturday and stretched late into Sunday afternoon.</p>
<p>Democrats swatted down three dozen Republican amendments designed to torpedo the legislation.</p>
<p>Confronting unanimous Republican opposition, Democratic unity in the 50-50 chamber held, keeping the party on track for a morale-boosting victory three months from elections when congressional control is at stake.</p>
<p>The Bill ran into trouble at midday over objections to the new 15% corporate minimum tax that private equity firms and other industries disliked, forcing last-minute changes.</p>
<p>Despite the momentary setback, the Inflation Reduction Act gives Democrats a campaign-season showcase for action on coveted goals.</p>
<p>It includes the largest-ever federal effort on climate change — close to 400 billion dollars — caps out-of-pocket drug costs for seniors on Medicare to 2,000 dollars a year and extends expiring subsidies that help 13 million people afford health insurance.</p>
<p>By raising corporate taxes, the whole package is paid for, with some 300 billion dollars extra revenue for deficit reduction.</p>
<p>Barely more than one-10th the size of Mr Biden’s initial 10-year Build Back Better initiative, the new package abandons earlier proposals for universal pre-school, paid family leave and expanded child care aid.</p>
<p>That plan collapsed after conservative Democratic Senator Joe Manchin opposed it, saying it was too costly and would fuel inflation.</p>
<p>Non-partisan analysts have said the Inflation Reduction Act would have a minor effect on surging consumer prices.</p>
<p>Republicans said the new measure would undermine an economy that policymakers are struggling to keep from plummeting into recession.</p>
<p>They said the Bill’s business taxes would hurt job creation and force prices skyward, making it harder for people to cope with the nation’s worst inflation since the 1980s.</p>
<p>“Democrats have already robbed American families once through inflation, and now their solution is to rob American families a second time,” Senate Minority Leader Mitch McConnell said.</p>
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