What's in Democrats' big bill? Climate, health care, savings

WASHINGTON (AP) — Not as robust as the $4 trillion proposal President Joe Biden once envisioned to rebuild America's public infrastructure and family support systems, the Democrats' compromise of health care, climate change and deficit-reduction strategies is still a substantial undertaking, and on track for Senate passage Sunday.

The estimated $740 billion package is full of party priorities — including capping prescription drug costs at $2,000 out of pocket for seniors, helping Americans pay for private health insurance and what Democrats are calling the most substantial investment in history to fight climate change.

Almost half the money, $300 billion, will go toward paying down federal deficits.

It's all paid for largely with new corporate taxes, including a 15% minimum tax on big corporations to ensure they don't skip out on paying any taxes at all.

Called the “Inflation Reduction Act of 2022,” it's not at all clear the 755-page bill will substantially ease inflationary pressures, though millions of Americans are expected to see some relief in health care and other costs.

Votes are expected to fall along party lines, with all Senate Democrats in favor, and all Republicans opposed. Once the bill clears the Senate, the House is expected to vote next week. Here's a look at what's in and out of the final package.

LOWER PRESCRIPTION DRUG COSTS

Launching a long-sought goal, the bill would allow the Medicare program to negotiate prescription drug prices with pharmaceutical companies, saving the federal government some $288 billion over the 10-year budget window.

Those new revenues would be put back into lower costs for seniors on medications, including a $2,000 out-of-pocket cap for older adults buying prescriptions from pharmacies.

The money would also be used to...