Senate passes Inflation Reduction Act, bill moves to the House
The Inflation Reduction Act is headed to the U.S. House of Representatives. The Senate passed the bill Sunday after an all-night session.
Vice President Kamala Harris stepped in Sunday afternoon to break the tie on the $700 billion Inflation Reduction Act.
The passed bill includes a $35 cap on insulin prices, but only for Americans on Medicare. Medicare will be allowed to negotiate on prices on select prescription drugs, starting in 2026.
Lawmakers are hoping to reduce the deficit by increasing IRS staffing to catch tax cheaters and holding large corporate earnings to a minimum tax on profits.
The bill also includes $369 billion in investment and tax breaks for clean energy, electric cars and other green infrastructure. State DEEP officials call that a win-win.
The Inflation Reduction Act is headed for a vote in the House on Friday. Republicans are skeptical the bill will fight rising inflation or prices.
The nonpartisan Congressional Budget Office said in an analysis last week that the spending bill will have a negligible impact on inflation over the next two years.