The House passed the Inflation Reduction Act of 2022 sending it on to President Biden to sign.

The Act aims to curb inflation by reducing the deficit, lowering prescription drug prices, and investing into domestic energy production while promoting clean energy solutions. It is a budget reconciliation bill sponsored by Senators Chuck Schumer (D-NY) and Joe Manchin (D-WV).

The bill was the result of negotiations on the proposed Build Back Better Act, which had been reduced and comprehensively reworked from its initial proposal after receiving opposition.

It was introduced as an amendment to the Build Back Better Act and the legislative text was substituted.

The bill seeks to bring the United States significantly closer to fulfilling the goal of cutting United States net greenhouse gas emissions in half by 2030.

It also includes a large expansion of the Internal Revenue Service.