Senate Democrats passed the Inflation Reduction Act of 2022 on Sunday in a 51-50 vote. The bill would authorize the single largest expenditure to combat climate change in the nation's history. The legislation calls for $370 billion in spending to reduce US greenhouse emissions by approximately 40 percent by the end of this decade. It would provide $7,500 in subsidies for electric SUVs, trucks and vans that cost less than $80,000 and cars under $55,000.