In a letter to Democratic colleagues, House Speaker Nancy Pelosi said the “life-changing legislation” will pass the US House of Representatives on Friday, ending more than a year of internal negotiations among Democrats over the climate, healthcare, and tax bill. The passage of the bill comes after positive jobs and inflation reports and other legislative accomplishments like the $1.9 trillion coronavirus relief package and the $1.2 trillion bipartisan infrastructure law.
Three independent analyses suggest the $370 billion to be invested by the Inflation Reduction Act could enable the US to cut climate pollution by about 40% below 2005 levels by the end of the decade. Though less than Biden’s original vision and the $2.2 trillion measure the House passed in November, it still represents the largest investment in climate change in the country’s history. The bill will also lower prescription drug costs and help roughly 13 million low- and middle-income Americans avoid raises to their insurance premiums. Debate is set to begin on the bill this morning, with the final House vote likely occurring later this afternoon. (Reuters, AP, Washington Post $, US News)