Senate Majority Chief Chuck Schumer, D-N.Y. stated late Thursday that an settlement has been reached on the Inflation Discount Act of 2022.

“I’m happy to report that we’ve reached an settlement on the Inflation Discount Act that I imagine will obtain the assist of all the Senate Democratic convention,” Schumer stated in a press release.

“I’ve had many productive discussions with members of our convention over the previous three days and we’ve addressed plenty of essential points they’ve raised,” he continued.

The deal “preserves the main parts of the Inflation Discount Act, together with decreasing prescription drug prices, preventing local weather change, closing tax loopholes exploited by massive companies and the rich, and decreasing the deficit by $300 billion,” Schumer stated.