U.S. Senate passes ‘Inflation Reduction Act’: $430B climate change, tax and drug pricing bill

The U.S. Senate passed a sweeping $430 billion bill intended to fight climate change, lower drug prices and raise corporate taxes on Sunday, in a major victory for President Joe Biden that Democrats hope will aid their chances of retaining control of Congress. After a marathon, two-day weekend session of debates, the Senate approved the legislation known as the “Inflation Reduction Act,” by a 51-50 party-line vote, with Vice President Kamala Harris casting the tie-breaking ballot.

• U.S. inflation dips to 8.5%, supply chains show signs of improving