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Latest news on the Inflation Reduction Act of 2022, a major United States federal law that aims to curb inflation by reducing the deficit, lowering prescription drug prices, and investing in domestic clean energy production. It was passed by the 117th United States Congress and signed into law by President Joe Biden on 16 August 2022. The law is expected to have a significant impact on climate change, with provisions for $391 billion in spending on energy and climate change and a projected reduction of greenhouse gas emissions to 40% below 2005 levels by 2030. The Congressional Budget Office and the Penn Wharton Budget Model have both estimated that the law will have no statistically significant effect on inflation, and the Committee for a Responsible Federal Budget has concluded that it will reduce the risk of a possible recession and the federal deficit by $1.9 trillion over a 20-year period.