Prescription drug costs

President Joe Biden signed the Inflation Reduction Act into law on Tuesday, a major win for the Democrats, who call it a significant step toward curbing climate change and easing health care costs.

President Joe Biden urged lawmakers Thursday to pass the Inflation Reduction Act of 2022, a bill which would offer inflation relief and invest in energy security and climate change programs.

Democrats plan to submit a “finalized agreement” on allowing Medicare to negotiate prices with pharmaceutical companies to a key Senate official “in the coming days” to see if it complies with the chamber’s strict budget rules, one of the sources said.