Republican-vetoed Inflation Reduction Act passes
2 Min Read
The Republican-Democratic schism keeps getting wider.
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US House of Representatives (National Affairs)
The US House of Representatives passed the Inflation Reduction Act aimed at reducing the federal budget deficit, boosting energy security, and addressing healthcare costs among other issues - including climate action.
Inflation in the US has backlashed with even deeper repercussions to both the economy and mass consumption, such as gas prices and baby formula shortages leaving the American public concerned about a possible recession.
House lawmakers on Friday passed the bill in a vote of 220-207, with all Democrats voting in favor and all Republicans voting against, deepening the wide schism between the two blocs. The legislation, part of President Joe Biden's "Build Back Better Act" to recover the US economy after 2020, will now be sent to Biden to be ratified into law, after the bill passed partisan lines in a majority vote of 51-50 in the Senate.
The bill commits $300 billion toward deficit reduction, in addition to providing approximately $369 billion in funding for energy security and $80 billion to increase Internal Revenue Service (IRS) tax enforcement and operations.
Additionally, the legislation provides $64 billion over the next decade for healthcare under the Affordable Care Act and enables the US government to negotiate certain prescription drug prices in Medicare and Medicaid.
Read more: About 90% of Americans suffer from inflation-related anxiety: Poll
