House Passes Inflation Reduction Act, Sending Climate Bill To Biden

House Democrats passed a bill to lower prescription drug costs, address global warming, raise taxes on some billion-dollar corporations and reduce the federal deficit.

According to the Washington Post, the bill, known as the Inflation Reduction Act of 2022, secures the largest-ever investment to tackle climate change, with roughly $370 billion dedicated to curbing harmful emissions and promoting green technology. The bill also moves to cap and lower seniors’ drug costs while sparing about 13 million low- and middle-income Americans from increases in their insurance premiums that otherwise would occur next year.

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