Without the support of a single Republican, Democrats in the U.S. House on Friday gave final passage to a $740 billion piece of legislation that includes historic investments in renewable energy development, a minimum tax on large corporations, and a landmark requirement for Medicare to directly negotiate the prices of a subset of prescription drugs.
Democratic proponents of the bill and outside groups have hailed the Inflation Reduction Act (IRA) as the most significant climate action measure ever passed by U.S. lawmakers, even though the package contains substantial handouts to the fossil fuel industry alongside the slew of tax incentives and subsidies for green energy that could substantially curb greenhouse gas emissions.
