The bill aims to tackle inflation by reducing the federal deficit, promote production of certain goods and limit the cost of some prescription drugs, as NPR previously reported.
The package also includes:
$369 billion for a climate initiative to reduce greenhouse emissions and promote lean energy technologies. $300 billion in new revenue through a corporate tax increase. $80 billion for the Internal Revenue Service to hire new agents, modernize its technology, audit the wealthy and more. A $2,000 annual cap for out-of-pocket prescription drug costs for those insured by Medicare.