NEED TO KNOW

Inflation Reduction Act Passed

The Senate passed a sweeping $700B spending bill by a party-line vote yesterday, with Vice President Kamala Harris breaking a 50-50 stalemate. Approval came through budget reconciliation, a process that allows certain fiscal bills to circumvent the 60-vote threshold needed to break a filibuster (see overview). The process also allows a wide range of amendment proposals—the final vote followed more than 15 hours of overnight debate.

The package, pulled together in secret over the past two weeks, focuses on climate, tax, and healthcare provisions. Included are roughly $160B in tax credits for clean energy production, $64B to extend Affordable Care Act subsidies, and a 15% minimum tax rate for most large companies. See a breakdown here.

Also included is a long-sought provision to allow Medicare to negotiate prices, currently set by manufacturers, on a set of to-be-determined prescription drugs. Typically, a small number of widely used drugs account for a disproportionate amount of the cost. In 2019, the top 10 medicines covered under Medicare Part B made up 40% of total drug spending.

The House is expected to approve the bill, sending it to President Joe Biden for signature.

Clashes Intensify in Gaza

Clashes in the Gaza Strip between Israel and the militant group Islamic Jihad escalated over the weekend, with Israeli forces carrying out multiple airstrikes while more than 100 missiles were launched by the Iran-backed group into Israel. The militant group’s commander was reportedly killed in the strike, while Palestinian officials said at least 31 people were killed and more than 250 others injured. 

Home to about 2 million Palestinians, Israel surrounds the vast majority of the 25-mile-long Gaza Strip and an economic blockade has been in place for over a decade (see 101). Islamic Jihad is separate from Hamas—also viewed by Israel as a militant group—which governs Gaza. Though they share some similar goals, analysts say the latter has thus far stayed out of the current conflict. Read more about the group here.

As of yesterday evening, a tentative cease-fire had been called. 

Jurors Deliver Jones Judgment

Alex Jones must pay over $45M in punitive damages for claiming the 2012 Sandy Hook massacre was a hoax, a Texas grand jury ordered Friday. The payout would add to $4M in compensatory damages announced Thursday (see difference), bringing the total awarded to the parents of slain 6-year-old Jesse Lewis to $49M. Lawyers had sought $150M in the case.

Jones' lawyers plan to appeal the decision after incriminating cellphone data not meant for the case were presented to the jury. Last month, Jones' primary company, Free Speech Systems, filed for bankruptcy, but a separate lawsuit alleges Jones has been funneling assets into shell companies to limit the company's ability to pay the defamation lawsuits. That case is in its early stages.

Jones faces two more defamation lawsuits over the next few months, one in Connecticut and another in Texas, which may potentially increase the amount he'll owe in damages. 

In partnership with Remi

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IN THE KNOW

Sports, Entertainment, & Culture

> Actress Anne Heche suffers severe burns after Los Angeles car crash, in stable condition (More) | "Magnum, P.I." actor Roger E. Mosley dies at 83 after car accident (More) | Clu Gulager, actor whose career spanned seven decades, dies at 93 (More)

> "Top Gun: Maverick" tops "Titanic" to become highest-grossing film at domestic box office in Paramount's 110-year history (More)

> Dick Vermeil, Richard Seymour, and Tony Boselli headline 2022 class of eight inducted into the Pro Football Hall of Fame in Canton, Ohio (More)

Science & Technology

> South Korea launches its first lunar mission; Danuri orbiter will measure the magnetic field between the Earth and moon, and survey the composition of the lunar surface (More)

> Pompeii excavation reveals details on ancient middle- and lower-class life in the city; unearthed dwelling includes a courtyard and bedrooms with furnishings (More)

> Cybersecurity researchers determine Iran-backed groups hacked into Albanian government agencies, shutting down a number of public services; marks the first attack by Tehran on a NATO member (More)

Business & Markets

In partnership with The Ascent

> US stock markets close mixed Friday (S&P 500 -0.2%, Dow +0.2%, Nasdaq -0.5%) in volatile session, but end up for the week (More)

> Amazon to acquire iRobot—robotics maker of popular Roomba vacuum—for $1.7B (More)

> Warren Buffett’s Berkshire Hathaway sees second quarter operating profits climb 39% over last year, but company posts $53B loss on investment portfolio amid Q2 stock market decline (More)

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Politics & World Affairs

> Ukraine accuses Russia of shelling Zaporizhzhia power plant, Europe's largest nuclear facility; watchdog group warns of potential nuclear accident amid fighting (More) | See updates on the war here (More)

> Gustavo Petro sworn in, becomes Colombia's first leftist president; Gustavo was formerly a member of the anti-government M-19 guerrilla group (More)

> At least 17 dead, more than 120 injured after a lightning strike ignites a fire at a Cuban oil storage facility; fire started Friday and was still burning as of late yesterday (More)

WHAT'S HURTING YOUR SLEEP?

In partnership with Remi

We know that getting a good night's sleep is so important for energy, focus, and productivity the next day. But a little-known fact is that grinding and clenching your teeth at night could be the culprits for poor sleep.

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Please support our sponsors!

ETCETERA

Unusual jellyfish found off the coast of Papua New Guinea.

Find the most pythons, win up to $2,500.

How your brain reacts at the moment of death.

Parts of the Great Barrier Reef show the largest coral cover in 36 years. 

The most affordable beach towns in the US.

Meet BRILLO, the bartending robot.

Visualizing which countries consume the most beer.

Predictions from technology experts 20 years ago for the year 2022.

Clickbait: Is it an image of a distant star or Spanish meat?

Historybook: Thomas Edison patents the mimeograph (1876); RIP writer Shirley Jackson (1965); President Richard Nixon announces his resignation (1974); HBD Roger Federer (1981).

"You have to believe in the long term plan you have but you need the short term goals to motivate and inspire you."

- Roger Federer

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