Democratic leaders release full text of $739 billion Inflation Reduction Act

Democrats are seeking to pass the bill along a party-line vote through budget reconciliation

Updated: August 5, 2022 - 3:08pm

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Senate Majority Leader Chuck Schumer and other Democratic leaders in the upper chamber have released a draft of the full text of the $739 billion Inflation Reduction Act.

A finalized version is expected to be released Saturday.

The spending package includes a 15% minimum corporate tax, expanded Obamacare subsidies, a program aimed at lowering prescription drug costs and hundreds of billions in federal funding for climate change-related initiatives.