BRIEF—House passes Inflation Reduction Act

The US House of Representatives passed President Joe Biden’s sweeping $370 billion Inflation Reduction Act on Friday.

The vote was along party lines, with 220 Democrats for the legislation and 207 Republicans opposed.

The legislation - which passed the Senate last Sunday - reduces the price of prescription drugs and health insurance and includes a number of green energy initiatives, two major pillars of Biden's original Build Back Better plan.

A key provision is prescription drug pricing reform: The bill would empower Medicare to negotiate prices on 100 drugs over the next decade, among other reforms that the Senate estimates will bring in $265 billion.