The U.S. House of Representatives passed the Inflation Reduction Act of 2022 on Friday, clearing the way for President Biden to sign the biggest investment in combating climate change in the nation’s history.
Chuck Schumer
House Speaker Nancy Pelosi of Calif., and the House Democrats with her, celebrate after Pelosi signed the Inflation Reduction Act of 2022 during a bill enrollment ceremony on Capitol Hill in Washington, Friday, Aug. 12, 2022. The Inflation Reduction Act will assign $369 billion to the mitigation of climate change over 10 years by making electric vehicles more affordable, developing clean energy and improving energy efficiency in everything from home appliances to industrial processes. It also fulfills a longtime Democratic campaign promise of lowering prescription drug prices by allowing Medicare to directly negotiate with pharmaceutical companies, which would cap out-of-pocket drug costs for older Americans.
Funding for the bill will come from raising taxes on some corporations that make over $1 billion annually in profits,and funding the Internal Revenue Service to better go after tax cheats. The total legislative package is projected to lower the federal deficit by as much as $300 billion over the next decade. By reducing the deficit and lowering the cost of energy and prescription drugs, Democrats hope the bill will also lessen inflation.
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