This week, Democrats had a surprise victory in the Senate, passing a $700 billion bill to fight climate change and lower health-care costs. This legislation is a big deal - but it’s not exactly what many Democrats were hoping for.

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The Senate passed the Inflation Reduction Act on Sunday, and it’s expected to pass the House and become law. The landmark legislation contains climate measures, major changes to health care, tax hikes on corporations and dozens of other provisions. White House economics reporter Jeff Stein says that when the process started, “Democrats were hoping the bill would signal a New Deal-style era, where fundamental parts of the country’s economy and social fabric would change.” Those aspirations may not have been fulfilled, after compromises Democrats made to get the bill passed. But, Stein says, “it’s pretty much bigger than almost any other legislative efforts we’ve seen.” Stein breaks down what’s in the Inflation Reduction Act and how it could affect you as a consumer.

The legislation has a provision that would offer rebates to subsidize the installation of a little-known, energy-efficient solution for cooling homes: heat pumps. The two-way air conditioners keep spaces cool in hot months and warm in cold months – and they’re much better for the environment than using traditional energy sources.Innovations reporter Pranshu Verma fills us in on why heat pumps are worth our attention.

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Not the New Deal, but a big deal