Summary
President Biden is expected to sign the Inflation Reduction Act of 2022 (H.R. 5376; WHG summary) into law this week. The sweeping FY 2022 budget reconciliation package to lower health care costs, reform tax policy, reduce the deficit, and invest in initiatives to combat the climate crisis delivers a major legislative victory to Democrats. It could be the last big win for the White House if Democrats lose control of one or both chambers. Democrats are slightly favored to win the Senate, and Republicans are favored to win the House, as of August 15, according to FiveThirtyEight.
Without control of Congress, the Biden Administration’s ability to advance its policy agenda will be mostly limited to regulatory reform. In this issue of the Weekly, we provide an update on the Administration’s regulatory agenda.