The Inflation Reduction Act Was Passed by the Senate—Here's What You Need to Know

glamour.com:

’s promises—and prospects—ahead of the midterm elections in November. Over the weekend, a marathon debate ensued as Republicans attempted to stop the bill’s progress to the House, but its passage was secured after delivered her tiebreaker vote to push it over the edge.

The final result was 51-50, along party lines.“Today, Senate Democrats sided with American families over special interests, voting to lower the cost of prescription drugs, health insurance, and everyday energy costs and reduce the deficit, while making the wealthiest corporations finally pay their fair share,” Biden said in a statement on Sunday.The last two months have seen Senate Majority Leader Chuck Schumer enter fierce negotiations with moderate Democratic senators Joe Manchin and Kyrsten Sinema to ensure the bill passed. “We’ve had an extraordinary six weeks,” Schumer the New York Times yesterday, while emphasizing the bill was “the most comprehensive piece of legislation affecting the American people in decades.”Officially titled the , the bill will tackle issues as wide-ranging as taxes on corporation profits, excise taxes on stock buybacks, and increased investment in tax enforcement.

Long-awaited drug reform will also allow to negotiate drug costs, finally facing up to the outsize influence of the pharmaceutical lobby in setting the prices of prescription medicines.The revenue raised from these measures will contribute to what is arguably the most important victory of all: A historic investment in combatting climate change.

Not only will it be a feather in the cap of the Biden presidency, but it will also mark the most significant action the U.S.