A landmark climate, health and tax package that passed the Senate on Sunday gave President Joe Biden and the Democrats a big win ahead of the elections.
The Inflation Reduction Act was approved by the House of Representatives.
The package was approved by 220 Democrats in the House and no Republicans joined them.
$369 billion in spending is included in the bill, which is a slimmed-down version of Biden's build back better plan.
It contains ambitious measures to reduce health care costs and give Medicare the power to negotiate with drugmakers to cut the price of 100 medications.
Corporations that make at least $1 billion in income would be subject to a 15% minimum tax.
According to the Congressional Budget Office, the legislation will cut the federal deficit by $100 billion over the next decade.
Nancy Pelosi said that Friday was a glorious day for the House. A monumental bill was sent to the president.
"Democrats are calling this the inflation reduction act, but in reality this is just another installation of their tax and spend agenda that got us here in the first place."
Facing universal opposition to climate legislation from Republicans in the Senate, the Democrats used the budget reconciliation process to get around the 60-vote threshold needed to close debate under the filibuster rule. The Inflation Reduction Act is a scaled-down version of Biden's bill which failed in the Senate in December. In late July, Schumer and Manchin came to an agreement on a smaller package, weeks after Democrats said they had given up on persuading West Virginia to support major new spending.
The Senate approved the Climate and healthcare bill.
The inflation reduction act will restore IRS staffing to 1995 levels.
The inflation reduction act affects investors.
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