Inflation Reduction Act Update
On Tuesday, August 16, 2022, President Biden signed the Inflation Reduction Act of 2022 into law. Please find an enactment timeline of the Inflation Reduction Act of 2022 created by Axios HERE.
The final Inflation Reduction Act contains a number of healthcare related provisions including comprehensive drug pricing reform. Please find below a summary of the Inflation Reduction Act put together by the Committee for a Responsible Federal Budget.
Both houses of Congress are in session this week after the August recess. There are a number of “must pass” items that Congress must address before leaving Washington again in October to return to their districts to campaign prior to the 2022 midterm elections in November. This list includes FY23 appropriations, the National Defense Authorization Act, the U.S. Food and Drug Administration User Fee Reauthorization, National Flood Insurance Program Authorization, among others.
Congress has until September 30 to address these issues including the FY23 appropriations legislation that will contain a number of SNO priorities. The House passed its version of the legislation earlier this year and the Senate released its own draft legislation before the August recess. It is likely that a continuing resolution (CR) will be needed in order to fund the government until the end of the calendar year, allowing Congressional appropriators time to come to a deal.
While it is the goal of Congressional Democrats to keep the CR as clean as possible (without policy riders), there is a possibility that short term extensions for items such as the FDA User Fees and additional funding for Ukraine aid could hitch a ride.
PRG will continue to keep SNO updated as new information becomes available.
2022 Midterm Election Update
Earlier this year it was all but a formality that the Republicans would regain control of the House of Representatives from the Democrats. However, recent polling and a shift in President Biden’s approval past the 40% mark indicate that Congressional control is much more up in the air than originally predicted.
Currently, Democrats appear likely to hold onto the Senate and lose control of the House, causing a split government. The flip in the House is fueled by a number of redistricting decisions across the United States, high profile retirements, and the fact that Midterm elections are often a referendum on the President’s performance. President Biden’s approval rating was extremely low until a recent bounce back due to the passage of the Inflation Reduction Act and the Supreme Court decision on abortion.
Below please find outcome probabilities by Five Thirty-Eight.