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Senate Passes $700 Billion 'Inflation Reduction' Bill

Added 08-07-22 05:47:03pm EST - “The Senate on Sunday passed the $700 billion Inflation Reduction Act, a scaled-down version of the Build Back Better Act.” - Breitbart.com

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Posted By TheNewsCommenter: From Breitbart.com: “Senate Passes $700 Billion 'Inflation Reduction' Bill”. Below is an excerpt from the article.

The Senate on Sunday passed the $700 billion Inflation Reduction Act, a scaled-down version of the Build Back Better Act.

The Senate voted to pass H.R. 5376, otherwise known as the Inflation Reduction Act, 51-50. The legislation passed on a party-line vote, with Vice President Kamala Harris breaking the tie.

The Inflation Reduction Act arose after Schumer and Sen. Joe Manchin (D-WV) struck a deal on a slimmed-down version of the Build Back Better Act. The Inflation Reduction Act focuses on reducing the deficit and curbing inflation, extending enhanced Obamacare subsidies, spending more than $300 billion on climate change programs, and allowing Medicare to negotiate the price of drugs.

Sen. Joe Manchin, D-W.Va., talks with reporters as the Capitol in Washington, Aug. 1, 2022. (AP Photo/J. Scott Applewhite)

House Republican Study Committee (RSC) Chairman Jim Banks (R-IN) has detailed the 50 most radical aspects of the legislation.

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