Senate passes reconciliation bill with Marketplace, Medicare drug provisions

The Senate yesterday voted 51-50 to pass the Inflation Reduction Act (H.R. 5376), a roughly $700 billion social spending package that includes health care, climate change and tax provisions. The House is expected to consider the bill Friday. The legislation would extend for three years the American Rescue Plan Act’s expanded subsidies for coverage purchased through the Health Insurance Marketplaces; allow Medicare to negotiate prices for insulin and certain other drugs; implement tax changes and spending subsidies to address climate change; and reduce the deficit, among other provisions.