The bill passed by a 51-50 vote, with all 50 Democrats voting yes, all 50 Republicans voting no and Vice President Kamala Harris provided the tie-breaking 51st vote.
The 755-page bill calls for $430 billion funded by savings on prescription drugs and taxes on corporations to be used to battle climate change and extend health care coverage, according to NBC News.
More than $300 billion be focused on reducing greenhouse emissions and investing in renewable energy sources, making it the largest climate investment in U.S. history.
Additionally, the legislation aims to allow Medicare to negotiate prices with drug companies for the first time in an effort to cut prescription costs for the elderly.
"It’s been a long, tough and winding road, but at last we have arrived. I know it’s been a long day and a long night. But we’ve gotten it done today," Senate Majority Leader Chuck Schumer said on the Senate floor prior to the final vote on Sunday via NBC News. "After more than a year of hard work, the Senate is making history. I am confident the Inflation Reduction Act will endure as one of the defining legislative feats of the 21st century."
"Today, Senate Democrats sided with American families over special interests, voting to lower the cost of prescription drugs, health insurance, and everyday energy costs and reduce the deficit, while making the wealthiest corporations finally pay their fair share," President Biden said in a statement shared by the White House in response to the bill's pasage. "I ran for president promising to make government work for working families again, and that is what this bill does — period."