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The Inflation Reduction Act of 2022 (IRA) is a United States federal law which aims to reduce the federal government budget deficit, lower prescription drug prices, and invest in domestic energy production while promoting clean energy. It was passed by the 117th United States Congress and signed into law by President Joe Biden on August 16 ...
The United States federal budget for fiscal year 2022 ran from October 1, 2021, to September 30, 2022. The government was initially funded through a series of four temporary continuing resolutions. The final funding package was passed as an omnibus spending bill, the Consolidated Appropriations Act, 2022.
Budget reconciliation bills can deal with spending, revenue, and the federal debt limit, and the Senate can pass one bill per year affecting each subject. Congress can thus pass a maximum of three reconciliation bills per year, though in practice it has often passed a single reconciliation bill affecting both spending and revenue. [3]
Now that the U.S. House of Representatives has passed President Joe Biden's ambitious $1.75 trillion social policy and climate bill, the action moves to the Senate, where its fate is unclear.
According to a Bank of America Global Research report by U.S. economist Michelle Meyer published in light of the infrastructure bill, BofA’s forecast of 5.5% real GDP growth for 2022 remains ...
The Build Back Better Act was a bill introduced in the 117th Congress to fulfill aspects of President Joe Biden's Build Back Better Plan.It was spun off from the American Jobs Plan, alongside the Infrastructure Investment and Jobs Act, as a $3.5 trillion Democratic reconciliation package that included provisions related to climate change and social policy.
The Infrastructure Investment and Jobs Act (IIJA), also known as the Bipartisan Infrastructure Law (BIL), (H.R. 3684) is a United States federal statute enacted by the 117th United States Congress and signed into law by President Joe Biden on November 15, 2021. It was introduced in the House as the INVEST in America Act and nicknamed the ...
The cost of the bill is still being tabulated. A preliminary analysis from the Congressional Budget Office assesses the bill will incur roughly $79 billion in new spending over the coming decade ...