House passes Inflation Reduction Act, sending climate and health bill to Biden
Source: Washington Post
House Democrats on Friday approved a sprawling bill to lower prescription drug costs, address global warming, raise taxes on some billion-dollar corporations and reduce the federal deficit, sending to President Biden the long-delayed, last component of his economic agenda in time for this year’s elections.
The 220-207 vote marked the culmination of more than a year and a half of debate that at times pitted the party’s lawmakers against each other, revealing Democrats’ fierce ideological divides. In the end, though, the often-fractious caucus banded together to overcome unanimous Republican opposition, adopting a measure to improve Americans’ finances originally premised on Biden’s 2020 campaign pledge to “build back better.”
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 reducing 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.
To pay for the spending, Democrats rely on revisions to tax laws, including a new minimum tax on some billion-dollar corporations that now pay nothing to the U.S. government. That change — along with another new tax on stock buybacks and fresh funding for the Internal Revenue Service to pursue tax cheats — is expected to cover the costs of the bill. Democrats say it also can reduce the federal deficit by about $300 billion, but they have yet to furnish a final fiscal analysis.
Read more: https://www.washingtonpost.com/us-policy/2022/08/12/inflation-reduction-act-house-vote/
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Biden and the Dems are on a roll. Onward to November! 
Let's jump!
YES! 
instead of focusing on the big loser I would be more joyous.
