Dhe US House of Representatives passed President Joe Biden’s climate, social and tax package on Friday, as expected. It voted 220 to 207 to pass the package and handed it to Biden for signature. “It’s an overwhelming victory for America’s families,” said House Speaker Nancy Pelosi shortly before the vote, describing the bill as “a solid cost-cutting package that will stand the test of time and ensure our families live well and our planet survives.” becomes”.
The legislative package that has now been passed envisages spending of 430 billion dollars and new tax revenues of around 740 billion dollars. The bill’s main source of revenue is a minimum corporate tax of 15 percent. Tax loopholes for companies and especially the rich should be closed. To combat climate change, a reduction in CO2 emissions and greater use of renewable energies are planned. Drug costs for older people should be reduced.
A razor-thin result in the Senate
The bill received 51 votes out of 101 in the Senate last Sunday, with Vice President Kamala Harris casting the vote. Democrats and Republicans each have 50 senators. The Republicans had opposed the project resolutely, and there was also resistance to it in the ranks of the Democrats for a long time. The vote followed a 27-hour debate in the Senate last week.
For Biden, passing the climate, welfare and tax package, believed to be the largest climate package in United States history, is a major achievement ahead of the Nov. 8 midterm elections. The Democrats are threatened with losing their majority in both chambers of Congress to the Republicans.
Baerbock hopes to have an effect
Federal Foreign Minister Annalena Baerbock praised the adoption of the climate law package as a “historic decision”. “Our chance of getting below the two-degree path at all has increased a bit today,” said the Green politician early on Saturday morning in Berlin. “The largest climate investment program in US history will make a tangible contribution to reducing global greenhouse gas emissions and implementing the Paris Climate Agreement.”
It is an important signal for the international climate negotiations “that the USA, as the world’s second largest emitter, is taking a decisive step closer to its climate target. This enables us to approach other major emitters much more credibly so that they reduce their CO2 emissions as quickly as possible.”
Baerbock went on to say that time was of the essence. It is unfortunate that the legislative package also requires the US administration to continue oil and gas exploration off US coasts before further investments in renewable energy are made, and that it does not include an increase in the US contribution to international climate finance. “As the strongest economic powers, we all have to make our contribution to climate finance so that we have a chance of overcoming the climate crisis.” Because many countries in the world would only be able to achieve the green transition of their economy with international investments.
