10 things you need to know today: August 17, 2022

Biden signs Democrats' Inflation Reduction Act into law, Trump critic Liz Cheney loses her Wyoming GOP primary in a landslide, and more

President Biden
(Image credit: Demetrius Freeman/The Washington Post via Getty Images)

1. Biden signs Democrats' sweeping health and climate law

President Biden on Tuesday signed the Democrats' Inflation Reduction Act, a landmark climate change and health care bill representing the "final piece" of Biden's trimmed-down domestic agenda. The law includes $375 billion to fight climate change, the biggest investment the federal government has ever made to address what Biden has described as a key priority for his administration. The legislation will also extend extra health insurance subsidies offered during the coronavirus pandemic, and cap out-of-pocket prescription drug costs at $2,000 per year for Medicare recipients. The package, which won final House approval in a party-line Friday vote, will cover costs with new taxes on large companies and tougher tax enforcement by the Internal Revenue Service on wealthy taxpayers.

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.