The United States Senate has approved a sweeping package that supporters say will slash climate heating carbon emissions, lower drug prices for the elderly and demand higher taxes from corporations and the wealthy.

The legislation is less ambitious than President Joe Biden’s original domestic goals, but still a major victory that Democrats hope will boost their chances of clinging on to their slim House and Senate majorities in November’s mid-term elections.

“The Senate is making history,” an elated Senate Majority Leader Chuck Schumer said, after pumping his fists in the air as Democrats cheered and their staff members responded to the vote with a standing ovation.

“To Americans who’ve lost faith that Congress can do big things, this bill is for you,” he said. “This bill is going to change America for decades.”

The Inflation Reduction Act (IRA) encapsulates party ideals of tackling global heating, slashing prescription drug costs and taxing big corporations – with almost $400 billion of the total funds earmarked for climate and energy measures.

It would give the world’s second most polluting country the power to cut greenhouse gas emissions by about 40% below 2005 levels by the end of the decade.

After a marathon, 27 hour session of debate, and dozens of Republican efforts to torpedo the package, the Senate approved the bill by a 51-50 party line vote. Vice President Kamala Harris cast the tie-breaking ballot.

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As the measure pays for itself and reduces the federal deficit over time, Democrats argue that it will help bring down inflation, an economic liability that could hamper their efforts to retain legislative control in the run-up to the 2024 presidential election.

Republicans, all of whom opposed the bill, argue it will not address inflation, slamming the measure as a job-killing, left-wing spending wish list. They argue it could undermine growth just as the economy is in danger of falling into recession

David Blevins, Sky correspondent, in Washington

The Democrats are calling it a “gamechanger” – the first major legislation to counter climate change in 34 years and a whopping $400 billion investment.

It comes against a backdrop of extreme weather from coast to coast, flash flooding claiming two dozen lives in Kentucky last week.

There will be hundreds of billions of dollars in tax credits for consumers and corporations making the transition to green energy.

Gas and oil companies who fail to reduce methane emissions will be penalised, the goal being to cut emissions by 50% by the end of the decade.

It does not pressure them to abandon coal and gas completely but the battle between the climate movement and fossil fuel industry still rages.

The Democrats pushed the measures through as part of a wider Inflation Reduction Act, reducing medical costs and increasing tax on big business

It is a big win for President Biden, keeping the climate commitments he made on track ahead of the mid-term elections in November.

“Democrats vote again to allow chaos on the southern border to continue,” said Senate Republican leader Mitch McConnell in a statement.

The document named Democratic Senators Mark Kelly of Arizona, Catherine Cortez Masto of Nevada, Maggie Hassan of New Hampshire and Raphael Warnock of Georgia, who are all facing tight contests for reelection in November.

The House of Representatives – the US’s lower chamber – will now vote on the measure when it returns briefly from summer recess on Friday. Upon winning final congressional approval, the measure would then go to President Biden for final sign-off.

Independent Senator Bernie Sanders, who caucuses with Democrats, offered a number of amendments to expand Medicare, create a civilian conservation corps and reduce child poverty, but was defeated by lawmakers from both parties.

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