Advocacy News – Aug. 3, 2022
U.S. Senators Chuck Schumer (D-NY) and Joe Manchin (D-WV) surprised Washington D.C. observers last week when they released a sweeping, 725-page bill known as the Inflation Reduction Act (IRA) — instantly reviving a key Democratic agenda item aimed at promoting key elements of President Biden’s climate agenda.
The compromise comes after President Joe Biden’s expansive “build back better” plan stalled in Congress and appeared to be dead for good. While the IRA still has plenty of hurdles before it becomes law, the deal marks a potentially giant win for Biden and Democrats just a few months before the midterm elections.
Proponents of the bill state that the tax incentives and credits baked into the IRA will help reduce costs to middle-class Americans. Opponents, however, claim that this could in fact further exacerbate inflationary economic conditions by promoting further consumer spending.
Whether the deal moves forward is yet to be seen. But what is certain is that the Inflation Reduction Act will be a hot-button issue at the Michigan Chamber’s Sustainability Summit, taking place Sept. 13. There, a panel of leading federal experts will discuss key legislative and policy issues affecting the energy and environment arena, like the IRA, and what to expect from policymakers through the end of the year and beyond.
Learn more and register for this exciting virtual event here.