Policy Update: Understanding the Inflation Reduction Act

Sam Louis Taylor

Econ Focus, 2022, vol. 22, issue 4Q, 17

Abstract: In August, President Biden signed into law a spending, revenue, and deficit reduction bill titled the Inflation Reduction Act (IRA). Born out of the never-enacted Build Back Better Act, a $1.8 trillion stimulus and revenue package proposed at the beginning of the Biden administration, the IRA is the result of extended negotiations that changed the bill from a broad social and economic stimulus bill into one focused on clean energy, health care, and deficit reduction. These changes secured the final votes needed to pass the legislation on a party-line basis. It represents one of the largest legislative efforts to reduce the deficit in recent years and has been touted by the administration as an important tool to help bring down inflation.

Keywords: Inflation Reduction Act; Medicare; Climate Change Policy (search for similar items in EconPapers)
Date: 2022
References: Add references at CitEc
Citations:

Downloads: (external link)
https://www.richmondfed.org/-/media/RichmondFedOrg ... q4/policy_update.pdf Journal Article (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:fip:fedrrf:95338

Ordering information: This journal article can be ordered from

Access Statistics for this article

More articles in Econ Focus from Federal Reserve Bank of Richmond Contact information at EDIRC.
Bibliographic data for series maintained by Christian Pascasio ().