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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 obamaca ....
process about $290 billion and in addition, also changes the circumstance for people on medicare by putting a cap of a maximum $2,000 a year they have to pay no more than $2,000 a year no matter how many prescriptions they have. for all the prescription drugs. which is especially important for people with cancer, and long-term diseases. it s a god send. literally be a god send for many families. second, the bill locks in place lower health care premiums for the next three years for millions of families that get coverage under the affordable care act. average savings of $800 a year for 13 million people. third, invests $369 billion, granted i call for 500 plus, but invests $369 billion to secure energy future and address the climate crisis, bringing down family energy bills by hundreds of dollars by providing working families tax credits. it gives folks rebates to buy new and efficient appliances and weatherize their homes, and tax cuts for heat pumps and rooftop solar, ....
Live coverage here on cspan. Needless to say, our committee has been working very diligently on a lot of transformational policy. While were waiting for our colleague here, i think ill thank senator wicker again for his work on the chips and p science act. I think people may not remember but this committee i dont know how many amendments we processed. Sen. Cantwell ity know it was in the hundreds. It might have been in the 300s. But i definitely believe that that kind of regular order process was good for the institutioned good for institution, good for the debate about science, and hopefully people will continue in todays hearing to understand that and understand much of the debate that maybe wasnt as clear in a big public perspective as it was to all of us who were working behind the scenes daily to try to figure this policy out. Ok, well go ahead and get started and when my colleague gets here, hopefully hell be here soon, we will let him make his opening statement. But welcome, sec ....
Live coverage here on cspan. Needless to say, our committee has been working very diligently on a lot of transformational policy. While were waiting for our colleague here, i think ill thank senator wicker again for his work on the chips and p science act. I think people may not remember but this committee i dont know how many amendments we processed. Sen. Cantwell ity know it was in the hundreds. It might have been in the 300s. But i definitely believe that that kind of regular order process was good for the institutioned good for institution, good for the debate about science, and hopefully people will continue in todays hearing to understand that and understand much of the debate that maybe wasnt as clear in a big public perspective as it was to all of us who were working behind the scenes daily to try to figure this policy out. Ok, well go ahead and get started and when my colleague gets here, hopefully hell be here soon, we will let him make his opening statement. But welcome, sec ....
Broadband access. The hearing runs two hours. Two hours and 40 minutes. [bangs gavel] good afternoon. The Senate Commerce committee will come to order. I thank my colleagues, many have been in this room for many hours already today doing double duty on both an aviation hearing, and now, a very important conversation about the implementation of the chips and science act which we are committing a pretty big role in. Less to say, our community has been very diligently working on a lot of transformational policy. While were waiting for our colleague here, i think i will thank senator wicker again for his work on chips and science act. I think people may not remember, but this committee, i dont know how many amendments we processed. It was in the hundreds, it might have been in the 300s, but i definitely believe that the regular process was good for the institution, good for the debate about science, and hopefully people will continue ....