It's the most significant legislative action against climate change in U.S. history.
to negotiate drug costs, finally facing up to the outsize influence of the pharmaceutical lobby in setting the prices of prescription medicines.
The revenue raised from these measures will contribute to what is arguably the most important victory of all: A historic investment in combatting climate change. Not only will it be a feather in the cap of the Biden presidency, but it will also mark the most significant action the U.S. has ever taken in that area.
So what comes next? After the “vote-a-rama” that kept the Senate working through the weekend to deliver a conclusive verdict on passing the bill, its journey through the House is expected to be significantly smoother. While there are still a handful of legislative details that need to be ironed out before it can reach the House floor—for one, it has to comply with a series of strict budget rules—it is likely to clear these hurdles within the next few days.
The House will reconvene on Friday from the August recess; from there, it will only take the bill reaching the president’s desk—and Biden signing it into law—to see the Inflation Reduction Act codified.
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