CHN: Inflation Reduction Act Signed into Law
On Tuesday, August 16, President Biden signed into law the Inflation Reduction Act. The law will invest roughly $369 billion in energy and climate change programs over the next 10 years, representing the largest congressional climate action in history; extend the expanded Affordable Care subsidies for three years, preventing painful increases in premiums for millions and stopping 3 million Americans from becoming uninsured; lower the cost of prescription drug prices for Medicare recipients, saving seniors much-needed money; and reduce deficits by roughly $300 billion over the next decade.
The Senate passed the legislation on August 7, and the House followed on August 12. In both chambers, the bill passed along party lines, with all Democrats and Independents supporting the measure and no Republicans doing so.
CHN Executive Director Deborah Weinstein said in a statement about the law’s enactment, “Members of the Coalition on Human Needs applaud the victory that the President’s signature represents: the unflagging efforts by the Administration and members of Congress to make progress because they recognized that failure would be measured in preventable sickness, hardship, and growing environmental threats.”
For details about what’s in the law, see the August 9 Human Needs Report. For more information, including reports, analyses, and statements from CHN members and partners, see CHN’s 2022 Reconciliation Resource Library.