1/ Biden hailed the Inflation Reduction Act as “a historic agreement to fight inflation” and “the most significant legislation in history to tackle the climate crisis.” Biden’s remarks came a day after Joe Manchin blessed the package that would raise $739 billion over the decade in new revenue, including $313 billion from a 15% corporate minimum tax, spend $369 billion on energy and climate change initiatives, allow Medicare to negotiate the cost of some prescription drugs, provide three years of Affordable Care Act subsidies, and make changes to the tax code. Climate and energy provisions in the legislation are sufficient to cut U.S. carbon dioxide emissions 40% by 2030. Kyrsten Sinema, however, hasn’t publicly backed it or commented, and did not attend the caucus meeting. Senate Democrats want to get the bill passed before the chamber’s August recess, which is scheduled to begin August 6. To do that, the bill will first need to comply with the parliamentarian’s strict budget rules, then Democrats will need to have all 50 members to be present and vote for the package – as well as the tie-breaking vote from Harris – for it to pass the Senate with a simple majority. “My plea is: Put politics aside. Get it done,” Biden said. “We should pass this.” (Politico / The Guardian / Associated Press / Politico / Washington Post / New York Times / Bloomberg / NBC News)

What’s in the “game changer” climate bill nobody saw coming. “The bill would use tax credits to incentivize consumers to buy electric cars, electric HVAC systems, and other forms of cleaner technology that would lead to less emissions from cars and electricity generation, and includes incentives for companies to manufacture that technology in the United States. It also includes money for a host of other climate priorities, like investing in forest and coastal restoration and in resilient agriculture.” (Vox)

Surprise Deal Would Be Most Ambitious Climate Action Undertaken by U.S. “The bill aims to tackle global warming by using billions of dollars in tax incentives to ramp up wind, solar, geothermal, battery and other clean energy industries over the next decade. Companies would receive financial incentives to keep open nuclear plants that might have closed, or to capture emissions from industrial facilities and bury them underground before they can warm the planet. Car buyers with incomes below a certain level would receive a $7,500 tax credit to purchase a new electric vehicle and $4,000 for a used one. Americans would receive rebates to install heat pumps and make their homes more energy-efficient.” (