President Joe Biden set out this week to tour the Southwest to promote the IRA policy changes aimed at confronting climate change and creating new jobs.However, some companies and industries directly affected by the numerous provisions in the IRA have heavily pushed back on the Biden administration's hefty legislation. Every single House and Senate Republican voted against the IRA.
The IRA allocated $6 billion to further clean-vehicle transition in the U.S. by advancing loans to create more clean vehicles and the components needed for them. The Biden administration also gave funding to tribal, state, and local governments to deploy clean heavy-duty vehicles,"especially in nonattainment areas,” according to a White House statement.
“In year two, EPA will continue to move expeditiously to award funds and provide support to communities, recognizing the urgency for climate action, environmental justice, and delivering on the transformative potential of the IRA,” an EPA spokesperson told the Washington Examiner. Under the Medicare Prescription Drug Inflation Rebate Program, manufacturers will have to pay a rebate to Medicare if a drug's price increase exceeds the rate of inflation. The program went into effect in October 2022.
The Pharmaceutical Research and Manufacturers of America, the most influential lobbying group in the industry, and two other organizations said in June they are suing the government to block the provisions. The negotiated prices for certain drugs covered under Part D are expected to be available in 2026, with drugs that fall under Part B to be available in 2028.
The U.S. Chamber of Commerce and business organizations around the nation strongly opposed the IRA, claiming the taxes would “discourage investment and undermine economic growth and price controls that would limit American innovation.”
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