That was painful

If signed into law, the bill, formally known as the Inflation Reduction Act, would allocate $369bn to reducing greenhouse gas emissions and investing in renewable energy sources. Experts have estimated the climate provisions of the bill will reduce America’s planet-heating emissions by about 40% by 2030, compared with 2005 levels.

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[The bill allows] Medicare to negotiate prescription drug prices and [caps] Medicare recipients’ out-of-pocket prescription drug prices at $2,000 a year. Those who receive health insurance coverage through the Affordable Care Act marketplace are also expected to see lower premium costs.

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The legislation includes a number of tax provisions to cover the costs of these policies, bringing in $739bn for the government and resulting in an overall deficit reduction of roughly $300bn. The policy changes include a new corporate minimum tax, a 1% excise tax on stock buybacks and stricter enforcement by the Internal Revenue Service.

  Guardian

Enforcement on whom? And a whole percent on buybacks. Wow. Hope we don't break General Motors.

The final Senate vote was 51-50, with every Democrat supporting the bill while all 50 of their Republican colleagues opposed the legislation. With the Senate evenly divided on the bill’s passage, Vice-President Kamala Harris cast the tie-breaking vote.

Totally performative on the part of many, if not all, of the Republicans. They knew the Democrats had the votes, so they didn't have to vote in favor of it. Now, like they did with the infrastructure bill, they'll go back to their constituents and brag about the bill's provisions. And brag about stopping other parts.

The Senate parliamentarian ruled on Saturday that a key healthcare provision, which would have placed inflation-related caps on companies’ ability to raise prescription drug prices for private insurance plans, ran afoul of reconciliation rules. Another proposal to cap the cost of insulin in the private insurance market at $35 a month was also stripped out of the bill after 43 Senate Republicans voted to block the policy on procedural grounds.

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The bill’s narrower focus frustrated the progressive senator Bernie Sanders, who criticized the compromise in a Saturday floor speech. Sanders complained that the legislation would do little to help working Americans struggling to keep up with rising prices, and he unsuccessfully pushed for expanding the bill to further lower healthcare costs.

“This legislation does not address the reality that we have more income and wealth inequality today than at any time in the last hundred years,” Sanders said. “This bill does nothing to address the systemic dysfunctionality of the American healthcare system.”

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According to a report issued by Moody’s Analytics, the bill will “modestly reduce inflation over the 10-year budget horizon”.

I should fucking HOPE inflation will not be ten years in reduction.

The majority leader, Steny Hoyer, has said the House will return on Friday to take up the legislation, and Democrats do not need any Republican votes to pass the bill.

At the very least, Democrats will have another thing to campaign against Republicans on. So there's that.