harris announcing the passage of the inflation reduction act which is a $750 billion tax and climate bill that will likely define biden s legacy. the democratically controlled house is expected to take up this legislation on friday and must approve the bill before it reaches the president s desk. it has been a good week for biden. in the word of his predecessor he s been doing a lot of wing and that has democrats energized about the upcoming mid terms. reporter: democrats are on the verge of a massive victory with less than 100 days before the mid-term elections. the senate voted on sunday along party lines to approve a sweeping economic package, and this vote came after a marathon voting session that began saturday evening and lasted into the next day. and this bill includes a number of key democratic priorities. it includes a historic investment of nearly $370 billion for the climate. it would allow medicare to negotiate drug prices. it would extend expiring obamacare hea
so, it s going to take some time for some of these providings to kick in, obviously. these are big provisions. specifically on prescription drugs. the $2,000 out-of-pocket cap doesn t start until 2025, we understand. medicare negotiation phasing in between 2026 to 29. how does this help americans in the immediate future? that s a great question and one of the important things about the way this bill was designed was to provide both immediate relief and also address long-standing challenges. for example, on immediate relief, this fall, 13 million americans will see lower health care premiums as a result of this bill. about $800 in savings. those benefits will go beyond those 13 million americans because it will mean more affordable health care coverage. people going into fall and winter can rest easier knowing they have access to health care. it takes on long-standing challenges of allowing medicare to negotiate for prescription drug prices, which will take some time. we
debating the idea of allowing medicare to negotiate for prescription drug price, but it will mean millions of americans can actually access those prescriptions they need at lower costs. we ve been trying for decades to address the climate crisis in the way we need. what that means for families is lower energy costs, lower utility bills. this bill now heads to the house of representatives. president joe biden could sign it into law as early as friday. we will have much more on the impact of this proposed legislation in just a moment. hugely consequential weekend. president biden and the first lady headed to kentucky this morning. the two are expected to visit flood-ravaged parts of the state. they will speak with families devastated by these storms. we know at least 37 people were killed after heavy rain led to widespread flooding last week. rescue workers continue to search for the missing. let s begin, though, this morning with president biden s major legislative win.
less than the democrats original $3.5 trillion build back better pitch, president biden is calling this a success. adding that senate democrats put american families above special interests. now, the victory, all the more notable, because it had none, zero republican support. the bill now heads to the house of representatives and president biden could sign it into law as early as friday. let s begin with cnn congressional correspondent jessica dean. she s on capitol hill this morning. jessica, this is a wide-ranging bill. it is designed to reduce inflation. it has billions of dollars in climate and energy incentives. it tackles prescription drugs. break down for us what is in this multibillion dollar bill. reporter: yeah, it s a big one. as you mentioned, it comes after a true marathon over the weekend here on capitol hill for democratic senators who really pushed this over the finish line. they used that specialized budget process that required only democratic support, bu
it changes people s lives. a whole range of things that are game changers for ordinary folks. when you sit down at the kitchen table at the end of the month, you ll be able to pay a whole hell of a lot more bills. plus disaster and death in kentucky. the president just landing there, pledging the federal government will help the state recover. and documentary evidence of a potential trump crime. a new picture shows a photo of a toilet stuffed with white house documents. president biden the bill cleared the senate sunday and is due for a house vote this week. it included some concessions, a major to cap the cost of insulin stripped out of the final bill. a minimum tax on large corporations was watered down. but the substance of the final product is hugely significant. giant first-time investments in climate protections and long-sought changes to how americans pay for health care and their prescription drugs. step back and look at the long arc and the president s legi