Biden signs Inflation Reduction Act $369B climate investment Medicare drug pricing ACA subsidies

President Biden signs the Inflation Reduction Act into law, the largest climate legislation in US history and a landmark expansion of healthcare access. The law's main provisions include $369 billion for climate and clean energy investments including EV tax credits, heat pump incentives, and manufacturing subsidies. It allows Medicare to negotiate prescription drug prices for the first time. It caps out-of-pocket Medicare drug costs at $2,000 annually. It extends ACA subsidies through 2025. It caps insulin at $35/month for Medicare enrollees. It imposes a 15% minimum corporate income tax on companies with over $1 billion in profits. The bill passes the Senate 51-50 with Vice President Harris casting the tiebreaking vote after 18 months of negotiations.