A monster bill passes in the U.S. House and is now headed to President Joe Biden for his signature. It is a $740 billion dollar spending and tax increase bill.
The bill includes funding for climate change initiatives and health care. It also comes with a tax hike for many. The House voted along party lines, 220-to-207 to ok this massive package. 3 Republicans did not vote.

House Speaker Nancy Pelosi says "today is really a glorious day for us. We send to the president's desk a monumental bill that will be truly for the people."

House Minority Leader Kevin McCarthy says "Remember this day when Democrats jammed through a 700-page bill that raises your taxes and doubles the size of the IRS."

This was the Build Back Better Bill that was opposed by Democratic Senator Joe Manchin last year, but Fox News reports Senate Majority Leader Chuck Schumer has been working behind the scenes with Manchin to draft this new version of the bill and calling it the Inflation Reduction Act. Manchin agreed to support the measure which won passage in the Senate on a 51-50 vote with Vice President Kamala Harris breaking the tie.

Louisiana Congressman Mike Johnson issued the following state after the House passed the measure:

Inflation is at record highs, the economy is in recession, and Congressional Democrats just passed an additional $740 billion in government spending and higher taxes. This is legislative malpractice and should more appropriately be named the ‘Inflation Expansion Act.’

Johnson says this measure will "raise taxes on the middle class and increase prices for consumers. It will send hundreds of billions of tax dollars to green energy slush funds, paid for by sending 87,000 new IRS agents to audit middle class Americans."

Congressman Johnson says:

Over the next few years, as Americans wonder why consumer prices stayed high and the economy stayed in neutral—while the global climate remained unchanged—they should recall this clueless gang of Washington Democrats who thought that more government spending would ease inflation, that higher taxes would grow the economy, and that government-issued green energy subsidies could change the weather.

Fox News reports the Inflation Reduction Act imposes a 15% minimum tax on corporations which is expected to bring in more than $300 billion dollars. Democrats also believe investing more in the IRS will generate more than $120 billion.

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