The $430 billion climate change, health care and tax bill that passed the U.S. Congress on Friday aims to help reduce the carbon emissions that drive climate change and lower medical costs for older Americans.

President Joe Biden's Democrats hope the bill, now passed by both houses of Congress, will boost their chances in the Nov. 8 midterm elections, where Republicans are favored to recapture a majority in at least one chamber of Congress.

The package, called the Inflation Reduction Act, is a dramatically scaled-back version of a prior bill backed by Biden that was blocked by maverick Senate Democrats Joe Manchin and Kyrsten Sinema as too expensive.