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U.S. House passes Inflation Reduction Act

By Steven Allen Adams, The Parkersburg News and Sentinel

CHARLESTON, W.Va. — U.S. Sen. Joe Manchin’s Inflation Reduction Act passed the U.S. House of Representatives on Friday with local Republican House members being no votes.

And while the bill is on its way to the desk of President Joe Biden, tax and economic experts believe the Inflation Reduction Act will have little effect on lowering inflation in the short term.

The House passed the Inflation Reduction Act (IRA) in a 220-207 vote Friday afternoon along party lines with four members not voting, nearly one week after the U.S. Senate passed the bill 51-50 using the budget reconciliation process to avoid a filibuster by Senate Republicans.

The IRA included $437 billion in spending on new investments in clean energy, climate change mitigation, an extension of Affordable Care Act subsidies, and funding for western drought resiliency. It also includes $300 billion for reduction of the national deficit…

To read more: https://www.newsandsentinel.com/news/business/2022/08/u-s-house-passes-inflation-reduction-act/

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