Heading into August recess, Congress is on the cusp of delivering President Biden two back-to-back legislative victories: on Wednesday, after more than a year of wrangling and frustration, Senate Democratic leaders and Joe Manchin announced a reconciliation agreement for a sweeping tax-and-spend plan known as the Inflation Reduction Act of 2022. The breakthrough bill includes $433 billion in new federal spending, including $369 billion in energy and climate change investments, and is designed to generate an estimated $739 billion in revenue and reduce federal deficits by $300 billion over 10 years. On Thursday, the House of Representatives voted to pass the CHIPS and Science Act, a $280 billion funding package that will boost the U.S. semiconductor industry and cut reliance on chip products from foreign sources.

Public Strategies’ Howard Schweitzer, Patrick Martin, Towner French, and Kaitlyn Martin breakdown the two pieces of legislation and discuss what they mean for Biden’s Build Back Better agenda and an administration that had appeared to be running out of steam ahead of the critical midterm elections in November.