The U.S. Senate voted 51-50 Aug. 7 to approve the Inflation Reduction Act of 2022 (H.R. 5376), a roughly $700 billion social spending package that includes health care, climate change and tax provisions. The bill, which was considered under reconciliation procedures and amended during floor debate, is likely to be considered by the House of Representatives on Aug. 12.
The legislation would:
- Extend for 3 years the expanded eligibility and value of ACA Marketplace subsidies, originally passed in the American Rescue Plan.
- Allow Medicare to negotiate drug prices on a limited set of drugs, including insulin.
- Address climate change through a combination of tax changes and spending subsidies.
- Reduce the deficit.