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Policy Update: Understanding the Inflation Reduction Act

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  • Sam Louis Taylor

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.

Suggested Citation

  • Sam Louis Taylor, 2022. "Policy Update: Understanding the Inflation Reduction Act," Econ Focus, Federal Reserve Bank of Richmond, vol. 22(4Q), pages 1-17.
    • Handle: RePEc:fip:fedrrf:95338
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