The Inflation Reduction Act passed the United States Senate on Sunday along party lines with Vice President Kamala Harris having to cast the tie breaking vote.
"On this vote the yeas are 50, the nays are 50, the Senate being equally divided, the Vice President votes in the affirmative. And the bill as amended, is passed," Harris announced.
The Inflation Reduction Act is a $739 billion spending plan that Democrats say tackles climate change, lowers drug prices, fixes healthcare, and raises taxes on the wealthy.
A report by the Congressional Budget Office stated that the Inflation Reduction Act would not lower inflation in any meaningful way in the upcoming years, as Fox News reported.
Of its $739 billion, $369 billion goes to climate change initiatives and $64 billion in funding goes to the Affordable Care Act. Democrats claim the size of the bill's budget will be made up by a 15 percent corporate minimum tax.
The massive spending package raises taxes for everyone except those making between $10,000 and $30,000 per year, despite Joe Biden saying he would not raise taxes on those making less than $400,000 a year.
Moody’s Analytics chief economist Mark Zandi noted that the bill would only marginally reduce the Consumer Price Index, an economic gauge on the price consumers pay for goods and services, and even that slim savings won't be seen until the later half of the decade.
This is a breaking story and will be updated.
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