The U.S. Senate on Sunday passed the Inflation Reduction Act of 2022, which was unveiled last month by Democratic Senators to relieve the inflationary pressure.

The budget reconciliation bill includes several key provisions related to climate and energy, healthcare, tax reform and deficit reduction.

It proposes investment of approximately $300 billion in deficit reduction and $369 billion in energy security and climate change programs over the next 10 years, the Senate said in a press release.

After a marathon, 27-hour weekend session of debate and Republican efforts to derail the package, the Senate approved the legislation by a 51-50 party line vote, with Vice President Kamala Harris casting the tie-breaking ballot.

"This bill also makes the largest investment ever in combating the existential crisis of climate change," Biden said in a White House statement, saying "the House should pass this as soon as possible" and he looks forward to signing it into law.