Washington, DC (WOAY) – US Senate approved the Inflation Reduction Act on Sunday. The legislation includes climate provisions, prescription drug-pricing reform, and stricter IRS tax enforcement measures. The bill is anticipated to raise an estimated $739 billion. Additionally, $300 billion of the earned revenue will be allocated toward reducing the deficit.
The legislation is now passed onto the House of Representatives for further review and final congressional approval. The House is expected to vote on Friday.