US Sen. Bob Casey, during Erie visit, applauds Senate passage of Inflation Reduction Act

U.S. Sen. Bob Casey, during a visit to Erie on Tuesday, called the Inflation Reduction Act — passed by the Senate after a marathon weekend debate by legislators — one of the most substantial investments in U.S. history when it comes to health care, climate change and deficit-reduction strategies.

“We had a moment where we could actually get something passed, and we had to get something done,” said Casey, a Democrat from Scranton, before touring the Erie Metropolitan Transit Authority’s headquarters at 127 E.14th St.

Inflation Reduction Act:Climate and health care passes in U.S. Senate

Casey, who voted for the legislation on Sunday, was at EMTA to celebrate more than $6 million in new federal funding awarded to the region’s largest transit agency.

“If we’d waited eight or 10 years to do this, it’s way too late. It would have been ‘game over,’ ” Casey said. “I believe that this may have been the last chance for the federal government to take action on climate change in our lifetimes.”

Prescription drug prices, climate change: what's in the bill

Passage of the estimated $740 billion package was applauded by President Joe Biden over the weekend.

The legislation would invest nearly $375 billion over the next decade in various strategies to fight climate change, including investments in renewable energy production and tax rebates for consumers to buy new or used electric vehicles.

It also includes clean energy manufacturing tax credits and production tax credits for wind and solar energy to curb the U.S.’ dependency on fossil fuels. The bill also provides tax credits for nuclear power and carbon capture technology.

Regarding health care, the bill includes capping prescription drug costs at $2,000 out of pocket for seniors and helping Americans pay for private health insurance.

Almost half the money raised via the bill, about $300 billion, will go toward paying down federal deficits.

The bill is funded via new corporate taxes, including a 15% minimum tax on big corporations, as well as projected federal savings from lower Medicare drug costs.

Casey touts bill's potential for relief

Votes fell strictly along party lines in the 50-50 Senate, with all Democrats in favor, all Republicans opposed, and Vice President Kamala Harris providing a tie-breaking vote for 51-50 passage.

The Democratic-controlled House of Representatives is expected to vote on the bill by Friday and send it to the White House for Biden's signature.

The Senate’s wrangling over the bill also included hours of debate on Saturday and multiple votes on amendments to the bill, which reached the Senate floor after months of negotiations between two powerful Democrats, Senate Majority Leader Chuck Schumer of New York and Sen. Joe Manchin of West Virginia.

While in Erie on Tuesday, Casey said the bill is going to significantly lower Americans’ costs for energy and health care.

“If you’re a senior, especially, it’s going to help because of the lowering of prescription drug costs,” he said. “An awful lot of seniors out there are paying through the nose to pay for prescription drugs. Capping those costs will be enormously beneficial.”

Regarding energy and climate change, Casey said “it’s a huge investment. And you don’t do that with a magic wand. You do that with tax credits and other ways to incentivize Americans and business.

“Those efforts could lead to a 40% reduction in emissions before 2030,” Casey said. “Think about that. The President outlined a goal of a 50% reduction by 2030. This one bill almost gets us there and most of the experts who have looked at this bill believe we can get the other 10% by taking other steps. It’s a giant step forward.”

Casey was at EMTA on Tuesday to discuss the transit agency’s federal funding allocations during the pandemic, which includes slightly more than $6 million from the bipartisan Infrastructure Investment and Jobs Act of 2021.

EMTA:How millions of dollars in federal aid have been spent by the transit agency

EMTA has received roughly $30 million in federal funding, collectively, from that bill, the Coronavirus Aid, Relief and Economic Security Act stimulus package and the American Rescue Plan.

He said such funding is important for agencies like EMTA, which were hit hard by the COVID-19 pandemic in terms of revenue and ridership losses, to help maintain “reliable, affordable public transit."

The Associated Press contributed to this story.

Contact Kevin Flowers at kflowers@timesnews.com. Follow him on Twitter at @ETNflowers.

This article originally appeared on Erie Times-News: U.S. Sen. Bob Casey visits Erie, explains support for climate bill