Biden’s initial ‘Build Back Better package’ renamed the ‘Inflation Reduction Act,’ should now have the votes to move forward after Sen. Kyrsten Sinema finally said she supports the bill.
Why is this bill so important?
- It is the largest investment in energy and climate programs in US history. Critical considering climate change.
- The bill allows more taxes on the wealthy.
- It gives Medicare the power to negotiate drug prices which should hopefully create a more competitive market and bring prices down.
Here’s how Senate Majority Leader Chuck Schumer — who has been working to get this bill past for over a year — summed it up.
“The agreement preserves the major components of the Inflation Reduction Act, including reducing prescription drug costs, fighting climate change, closing tax loopholes exploited by big corporations and the wealthy, and reducing the deficit by $300 billion,” Schumer said in a statement. “The final version of the Reconciliation bill, to be introduced on Saturday, will reflect this work and put us one step closer to enacting this historic legislation into law.”