The House of Representatives has passed the Inflation Reduction Act, clearing the way for President Biden to sign the landmark climate and healthcare bill into law.
While far from Democrats’ initial proposal, the act pledges a substantial cutback in greenhouse gas emissions, hoping to realize those cuts via massive tax credits — $400 billion over 10 years — for green energy development and deployment. The Biden administration has set a goal of cutting U.S. emissions to half of 2005 levels by 2030, and this bill aims go a long way toward that goal, with analysts saying it would produce a 40 percent reduction from 2005 levels by decade’s end.
On the healthcare side, it caps out-of-pocket expenses prescription drug for those on Medicare to $2,000 annually, allows Medicare to negotiate prices with prescription drug manufactures, and funds the Affordable Care Act for three years.
roughly $700 billion, while the government would spend about $400 billion on climate-friendly energy and on healthcare., with Vice President Kamala Harris casting the tie-breaking vote in a divided chamber, but not before Republicans stripped a provision limiting out-of-pocket insulin costs for buyers with private insurance. In order to reach the 50-vote threshold, Democratic leaders made concessions to moderate Sen. Kyrsten Sinema and Sen.
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