The House of Representatives on Friday passed Democrats' $740 billion tax, health care and climate bill, which now goes to President Biden's desk for his signature.

Why it matters: The bill's passage notches a big legislative victory for Democrats with the midterms approaching and delivers on several long-standing liberal policy goals.

Driving the news: The bill passed 220-207 with all Republicans voting against it.

Details: By far, the largest spending provision in the bill is nearly $370 billion to combat climate change, including tax credits and funding for renewable energy, electric vehicles and energy-efficient home improvements, as well as incentives for companies to cut methane emissions. It also:

What they're saying: "This landmark [legislation] that we send to the president's desk is a resounding victory for America's families starting at their kitchen table," said House Speaker Nancy Pelosi (D-Calif.) in a floor speech.

Swing-seat Democrats told Axios they think the bill will boost them on the campaign trail.

The other side: House Minority Leader Kevin McCarthy (R-Calif.), in a floor speech, called the legislation "the largest tone-deaf bill I've ever seen in this chamber in 232 years."

The backdrop: The bill was rolled out last month as a compromise between Senate Majority Leader Chuck Schumer (D-N.Y.) and centrist Sen. Joe Manchin (D-W.Va.).

Yes, but: The bill falls far short of what most Democrats had hoped for when Biden took office last January.