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August 12, 2022 04:00 PM UTC

House Passes Inflation Reduction Act, Sends Bill to Biden

  • 22 Comments
  • by: Colorado Pols

In other news not related to the potential theft of nuclear secrets by a former President, the House of Representatives did a very important thing today.

As The Washington Post reports:

House Democrats on Friday approved a sprawling bill to lower prescription drug costs, address global warming, raise taxes on some billion-dollar corporations and reduce the federal deficit, sending to President Biden the long-delayed, last component of his economic agenda in time for this year’s elections.

The 220-207 vote marked the culmination of roughly a year and a half of debate that at times pitted the party’s lawmakers against each other, revealing Democrats’ fierce ideological divides. In the end, though, the often-fractious caucus banded together to overcome unanimous Republican opposition, adopting a measure to improve Americans’ finances originally premised on Biden’s 2020 campaign pledge to “build back better.”

The bill, known as the Inflation Reduction Act of 2022, secures the largest-ever investment to tackle climate change, with roughly $370 billion dedicated to curbing harmful emissions and promoting green technology. The bill also moves to cap and lower seniors’ drug costs while sparing about 13 million low- and middle-income Americans from increases in their insurance premiums that otherwise would occur next year.

President Biden — you know, the one NOT being investigated for violating the Espionage Act — is expected to sign the bill into law as soon as this weekend.

Comments

22 thoughts on “House Passes Inflation Reduction Act, Sends Bill to Biden

    1. I'll wait to hear people on the site admitting they were wrong about Joe Manchin. In the end, both Manchin and Sinema came through with a bill that not only provides valuable stuff, but also raises some taxes where needed and builds in deficit reduction.

      1. …and BangBang still voted no! (but I predict she’ll be taking credit) 

        (and this is a good example of how politics is suppose to work)

      2. Manchin & Sinema pared the bill down, obviously.  It passed, and will have substantial impacts on climate action, sustains progress on health insurance (and improves some drug pricing options), and makes a few tax changes which may, over time, be a good thing. 

        However, as CNN points out, they also were crucial to the losses:  “Gone are the creation of a universal pre-K program, an extension of the enhanced child tax credit, an expansion of Medicare benefits, the establishment of a federally funded paid family and sick leave program and many other provisions aimed at broadening the nation’s social safety net.”  I’m fine with most of that — I’m old fashioned and think new programs ought to be supported more broadly than a cobbled together & highly pressured single party conference vote.  And I prefer legislation with tax provisions showing the programs are at least within the realm of being paid for.

        The one part of this I considered inexcusable:  the failure to maintain the expanded child tax credit.  As some members of the Democratic Senate conference (including Bennet) pointed out,

        “The expanded CTC is a signature domestic policy achievement of this administration and has been an overwhelming success,” wrote the senators. “The consequences of failing to extend the CTC expansion are dire, particularly as families face another wave of the Covid-19 pandemic.”

        “After historic progress, it is unacceptable to return to a status quo in which children are America’s poorest residents and child poverty costs our nation more than $1 trillion per year,” they wrote.”

        With the enhanced credit, “Some 3.7 million children were lifted out of poverty in December,” child care providers could pay more adequate wages to their staff, more money was available for school supplies and activities, and there were a host of other positive outcomes being studied.

        Joe Manchin’s objection — the fact-free assertions that families were spending the money on illegal drugs and it diminished the incentive for working.

        1. I’m going to speculate those programs will be the subject of new, separate legislation next  – and when they do they’ll need some “pay fors “.  Are there any better optics for going after the carried interest benefactors than when you’re trying to advance a family/-friendly, middle-class agenda?  
           

            1. I read somewhere that Sinema’s change actually made the math better from a Treasury point of view. You’re right, skinny.  Manchin’s actions make no sense through the eyes of his constituents; only through the eyes of his masters (Koch, Inc and King Coal)

                1. I’m talking more about Manchin writ large than this particular bill. They managed to kill BBB and  let languish other provisions that would have improved the WV economy. 

        2. How Manchin could insist on cutting those items from the bill in a state where half the population (at least) is so poor they're boiling the dirt under the empty smokehouse for the salt baffles me.

          The only thing more puzzling is knowing they'll send him back.

      3. I have given Sinema and Manchin credit here in the past, CHB. I'm a firm believer in "you can't always get what you want." The 51-50 Senate (counting the Veep) has passed some good things and confirmed some good nominees, and I'm fully aware these things couldn't have happened without positive votes from Sinemanch.

        1. "you can't always get what you want." 

          But you may get what you need. And with some luck – and when you have the votes – you can come back for more later.

  1. Joe Biden has accomplished far more for American citizens in under two years than donnie and his republican cronies did during his entire administration.

    Go Joe and vote blue no matter who in 22 and beyond.

    1. I looked at Trump's accomplishments and compared them to biden's and came to only one conclusion! Your insane unless you think bidens criminal activity is some kind of accomplishment! Keep patting yourself on your back because no one else will! I am just shocked that people still believe CNN is a factual source for news!

      democrats come out with a spending bill called "deficit reduction" and you believe them, is known as insanity!

      1. "I looked at trump's accomplishments and compared them to Biden's and came to only one conclusion!"

        Cutting taxes for rich people, putting children in cages, fellating Kim Jong Un and Vladimir Putin, and placing a usurper, an alleged rapist, and an Aunt Lydia onto the Supreme Court do not count as accomplishments.

      2. trump killing close to one million Americans due to his willful negligent handling of the COVID pandemic isn't really an accomplishment that you should be proud of.

        Every time a republican is president along with a republican controlled house and senate the budget deficit increases due to their slavish devotion to tax cuts for the 0.01%. It is a Democratic president that has to clean up the shitty financial mess left by said republicans.

        Keep drinking the kool-aid you fool.

        Psst, I don't watch CNN, but I'm positive that your foolish ignorant ass watches fox or oann, newsmax or perhaps you get your information from the politically astute gateway pundit?

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