Legislative Update- August 9, 2022

Legislative Update, August 9, 2022
 
U.S. Senate passes “Inflation Reduction Act”
 
On Sunday, the United States Senate passed a legislation including climate measures and provisions aimed at addressing inflation. There are a number of provisions relating to health care in the legislation, including measures designed to impact prescription drug prices, as well a tax provisions which have generated some concern (projected to raise more than $700 billion). Passage was made possible after Senate Majority Leader Chuck Schumer (D-New York) and Senator Joe Manchin (D-West Virginia) were able to reach a deal in late July on a $430 billion package. It is expected that the House will pass the bill on Friday and send it to President Biden. The vote occurred after a marathon session during which Senate Republicans offered some 15 amendments. Vice President Harris cast the tie-breaking vote. Democrats hail the legislation as a policy accomplishment while Republicans argue that many of the bill’s provisions will negatively impact economic growth and may exacerbate inflation in certain economic sectors. The bill was passed under the reconciliation process, a budgetary mechanism whereby Congress can, among other things, enact legislation relating to taxes, spending, and the debt limit with a simple majority, avoiding a filibuster.
 
A summary of provisions can be found in the following article from The Hill, dated Monday, August 8: https://thehill.com/homenews/3592694-heres-whats-in-the-inflation-reduction-act-the-sweeping-health-and-climate-bill-passed-sunday/
 
Joe Fitzgerald is preparing a more in-depth summary of the legislation. For a copy, upon its completion, contact Joe at fitzgeraldj@ncccc.com.