Completion Date: 18 August 2022
Medium: Paint & ink on acid-free mount-board
Dimensions: 42 x 59 cm (16.5 x 23 inches)
08 August 2022
The US Senate has approved a sweeping $700bn (£577bn) economic package that includes major legislation on healthcare, tax and climate change.
The bill seeks to lower the cost of some medicines, increase corporate taxes and reduce carbon emissions.
The passing of the bill – a flagship part of President Joe Biden’s agenda – is a boost ahead of mid-term elections.
But it is a significantly scaled-back version of the $3.5tn package that was first proposed by his administration.
The bill, a product of 18 months of intense wrangling, passed by a margin of 51 to 50 on Sunday with Vice-President Kamala Harris casting the deciding vote. It was previously blocked by two Democratic senators who shared Republican concerns about its cost.
It will now be sent to the Democratic-controlled House of Representatives, where it is expected to pass in a vote on Friday before the president can sign it into law.
The Inflation Reduction Act includes legislation that would allow the government to negotiate lower prices for prescription medicines provided under its Medicare health insurance programme for those aged over 65.
That is expected to save hundreds of billions of dollars over the next decade, according to estimates from the non-partisan Congressional Budget Office.
The package also includes a minimum 15% tax on most corporations that make more than $1bn a year in profits. That measure, an issue of contention during negotiations in Congress, is opposed by business groups who argue it will limit investment.
Source: BBC
