Biden’s ‘Inflation Reduction Act’ passes — what it means for you

On Sunday, August 7, 2022, the Senate narrowly passed the Democrats’ $750 billion Inflation Reduction Act (opens in new tab)

The bill was passed by a razor-thin margin of 50-51, thanks to a tie-breaking vote from Vice President Kamala Harris. It represents a multi-faceted approach to major changes to Medicare, reducing the deficit and the effects of climate change in an effort to lessen the economic impact of inflation.

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