Inflation Reduction Act Signed into Law

President Biden signs the Inflation Reduction Act (HR 5376), the largest climate investment in US history ($369B for clean energy), plus $64B to extend ACA subsidies, Medicare drug price negotiation authority, $2,000 Medicare Part D out-of-pocket cap, a 15% corporate minimum tax, and expanded IRS enforcement funding. CBO projects it reduces deficits by ~$300B over 10 years. Contains staggered provisions running through 2033+.