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The Inflation Reduction Act of 2022 (IRA) is a United States federal law which aims to reduce the federal government budget deficit, lower prescription drug prices, and invest in domestic energy production while promoting clean energy. It was passed by the 117th United States Congress and signed into law by President Joe Biden on August 16, 2022.
The United States federal budget for fiscal year 2022 ran from October 1, 2021, to September 30, 2022. The government was initially funded through a series of four temporary continuing resolutions. The final funding package was passed as an omnibus spending bill, the Consolidated Appropriations Act, 2022.
Budget reconciliation bills can deal with spending, revenue, and the federal debt limit, and the Senate can pass one bill per year affecting each subject. Congress can thus pass a maximum of three reconciliation bills per year, though in practice it has often passed a single reconciliation bill affecting both spending and revenue. [3]
The bill, which includes provisions on tax, health care, and climate and energy spending, was introduced in the Senate as an amendment to the Build Back Better Act. On August 7, the Senate passed the bill on a 50–50 vote with Vice President Harris breaking the tie. [193] On August 12, 2022, the House passed the bill on a 220–207 vote. [194]
Now that the U.S. House of Representatives has passed President Joe Biden's ambitious $1.75 trillion social policy and climate bill, the action moves to the Senate, where its fate is unclear ...
Congress passed the IRA in 2022 using a process known as budget reconciliation, which only required a simple majority to pass the Senate and allowed the legislation to go through with solely ...
The Senate’s passing of a $1.2 trillion infrastructure package on Tuesday, Aug. 10, sets the stage to add around $550 billion in new spending. According to a Bank of America Global Research ...
President Biden promotes his Build Back Better Plan at Germanna Community College, Virginia, on February 10, 2022. The Build Back Better Plan or Build Back Better Agenda was a legislative framework proposed by U.S. President Joe Biden between 2020 and 2021. Generally viewed as ambitious in size and scope, it sought the largest nationwide public ...