The bill aims to help reduce the carbon emissions that drive climate change. It also aims to lower medical costs for older Americans. President Joe Biden's Democrats hope the bill will boost their chances in the Nov. 8 midterm elections. The bill will go to Biden to be signed into law.

"We send to the president’s desk a monumental bill that will be truly for the people," House Speaker Nancy Pelosi said. Republicans blasted the bill as a spending "wish list" that they argued would hurt an economy weighed down by inflation. "The Democrats’ most recent reckless tax and spending spree suffers from a serious case of policy whiplash," Senator Chuck Grassley said.

49% of Americans support the bill, including 69% of Democrats and 34% of Republicans, according to a Reuters/Ipsos poll conducted on Aug. 3 and 4. "About half of Americans - some 49% - support the legislation," the poll found.

The most popular element of the bill is giving Medicare for older and disabled Americans the power to negotiate drug prices. 71% of respondents support, including 68% of Republicans. Economists, who say the legislation could help the Federal Reserve battle inflation, do not expect a sizeable impact on the economy in coming months.

The excise tax is expected to raise an additional $70 billion in tax revenue per year. That is more than the carried interest provision had been forecast to raise. A report by the Congressional Budget Office released prior to that last change estimated the measure would reduce the federal deficit by $101.5 billion over the next decade.
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