Democrats’ budget package passed by the Senate

The election-year economic package pushed by the Democrats was a hard-won compromise, less ambitious than President Joe Biden’s initial domestic vision. Still, it achieved the party’s long-standing objectives of reducing global warming, bringing down drug prices, and taxing large corporations. Astonishingly, what had appeared to be a lost and failed endeavor that unexpectedly roared back to political life is now headed to the House as part of the estimated $740 billion plan under the Inflation Reduction Act, where members are ready to deliver on Biden’s demands.

The Inflation Reduction Act includes:

  • An over $400 billion federal initiative to combat climate change
  • Limits annual out-of-pocket prescription expenses for Medicare beneficiaries to $2,000
  • Additional $300 billion in revenue to reduce deficit

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