President Biden Signs Tax and Climate Budget Bill Into Law
The Inflation Reduction Act of 2022
On Aug. 16, 2022, President Joe Biden signed the $739 billion reconciliation budget bill, known as the Inflation Reduction Act of 2022, into law quickly after being adopted in the U.S. Senate and House of Representatives in a surprise move following months of stalled negotiations among Democrat lawmakers. The 730-page IRA, H.R. 5376, passed along strictly partisan lines with no Republicans voting in favor of the measure, as they objected to many taxing, spending and climate-related provisions.