After more than a year of hard-fought negotiations, Senate Majority Leader Chuck Schumer (D-NY) and Senator Joe Manchin (D-WV) unexpectedly released a ten-year, $475 billion budget reconciliation bill on July 27 titled the Inflation Reduction Act of 2022. The negotiated package, although smaller than initial ambitions, would transform huge sectors of the U.S. economy and is being heralded by the left as a way to fight rising inflation. Major pieces of the democratic party’s domestic policy agenda are included in the bill including clean energy and climate change reduction incentives, provisions to lower drug costs, and IRS funding for improving enforcement. It is scored to reduce the national budget deficit by $300 billion over the decade according to the nonpartisan congressional tax and budget offices, representing the largest deficit reduction bill since the Budget Control Act of 2011. 

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