US President Joe Biden on Wednesday hailed a major step towards congressional approval of his plans on health and the climate crisis, previously considered almost dead, after elected Democrats managed to agree. “These are the acts the American people have been waiting for. It addresses today’s issues – high health care costs and global inflation – and (represents) investments in our energy security for the future.“said Joe Biden in a statement.
The legislation still needs to overcome several hurdles before potential passage, but the multi-hundred-billion-dollar bill has garnered crucial support from right-wing Democratic Party Sen. Joe Manchin. His opposition had in the past nipped Joe Biden’s ambitious projects in the bud because of the very narrow majority of Democrats in the Senate.
A truce with Joe Manchin
For the president, whose popularity has plunged since his election, the truce with Joe Manchin represents a boost ahead of November’s midterm elections, in which the Democratic Party is expected to lose control of Congress to Republicans.
If passed, the legislation would see some $369 billion invested in green energy projects and climate initiatives, and $64 billion in state-level health spending. In return, $739 billion in funding is to be raised, much of which would come from a 15% corporate tax rate. Some additional $300 billion raised through the bill would go toward paying down the federal deficit.
The good news for the Democratic president comes as Congress nears the adoption of another of its priorities: a fund of 52 billion dollars to encourage the production in the United States of semiconductors, at the heart of all modern electronics. Funding for green energywill create thousands of new jobs and lower energy costs in the future“, advanced Joe Biden. “We’ll pay for it all by asking big corporations to pay their fair share of taxes, with no tax hikes for families earning less than $400,000 a year.“, he added.
The president also thanked Joe Manchin, an often volatile partner in the Senate, for his “incredible effort“. “If passed, this legislation will be historic, and I urge the Senate to move forward on this legislation as soon as possible, and that the House of Representatives also follow“, he supported.
.
