The Inflation Reduction Act: What is it, where did it come from and what does it mean?

The US Senate began debate on the Inflation Reduction Act of 2022 this weekend.

But what exactly is the bill, where did it come from and what does it mean for America?

The act aims to curb inflation in the US by reducing the deficit, lowering prescription drug prices and investing into domestic energy production while promoting clean energy solutions.

It has been sponsored by Democrat senators Chuck Schumer and Joe Manchin and was the result of negotiations on the proposed Build Back Better Act, which had been reduced and comprehensively reworked.

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