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The funding comes from the Infrastructure Investment and Jobs Act and the Inflation Reduction Act. [265] [266] According to a Biden administration statement, in the first year of implementation, around $2 billion was allocated to protect and restore land and marine ecosystems, including National Parks and the National Wildlife Refuge System. [267]
The credit rating agency says that the act would “modestly reduce inflation over the 10-year budget horizon,” with an average “reduction in CPI inflation of 3.3 basis points” per year.
The Inflation Reduction Act — which still has plenty of hurdles to overcome before it becomes law — is a far cry from some early Democratic ambitions but nonetheless marks a potentially giant ...
As of August 2023, there has been no evidence that the Inflation Reduction Act increased or decreased inflation. [171] Gernot Wagner argues that the benefits of the Act will likely not be felt before the 2024 election, but that the act is a great long-term strategy to decouple from volatile energy markets that drive inflation. [106] [107]
The largest climate investment in US history has dramatically reshaped the EV landscape. One year ago, President Biden signed the Inflation Reduction Act (IRA) into law, which set aside roughly ...
Motion to proceed to H.R. 5376, the legislative vehicle for the Inflation Reduction Act of 2022: Yea: 51–50 Motion agreed to. August 7, 2022 S.Amdt. 5488 to H.R. 5376, the Inflation Reduction Act of 2022: Yea: 51–50 Amendment agreed to. H.R. 5376, the Inflation Reduction Act of 2022: Yea: 51–50 H.R. 5376 passed, as amended. February 28, 2023
Over the weekend, Senate Democrats passed the Inflation Reduction Act of 2022, legislation that would fulfill some of President Biden’s campaign promises on climate and prescription drugs.
Bills passed using the reconciliation process include the Consolidated Omnibus Budget Reconciliation Act of 1985, the Personal Responsibility and Work Opportunity Act of 1996, the Economic Growth and Tax Relief Reconciliation Act of 2001, the Health Care and Education Reconciliation Act of 2010, the Tax Cuts and Jobs Act of 2017, the American ...