Senate Passes ‘Inflation Reduction Act’ With 51-50 Vote

Yesterday, the Senate passed a $750 billion health care, tax and climate bill with a final vote on 51 to 50 as Vice President Harris broke the tie. The package named the ‘Inflation Reduction Act’ would represent the largest climate investment in U.S. history and make major changes to health policy by giving Medicare the power, for the first time to negotiate the prices of certain prescription drugs and extend expiring health care subsidies for three years. It would raise over $700 billion in government revenue over 10 years and spend over $430 billion to reduce carbon emissions and extend subsidies for health insurance under the Affordable Care Act. The House of Representatives is expected to take up the bill on Friday and will need to approve it before President Biden can sign it.