Friday, December 9, 2022

Biden to sign Democrats’ sweeping bill to tackle climate change, lower health-care costs

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President Biden will sign it into law on Tuesday Inflation Reduction Lawan ambitious measure aimed at reducing inflation, lowering prescription drug prices, tackling climate change, reducing the deficit and imposing a minimum tax on the profits of the largest corporations.

“President Biden and Congressional Democrats have worked together to deliver a historic legislative achievement that defeats special interests, delivers for American families, and grows the economy from the bottom up and from the middle,” the White House said in a statement Monday.

In a tweet Tuesday morning, Biden said: “Later today, with the signing into law of the Inflation Reduction Act, we make history.”

of The House approved the bill Friday in a 220-207 vote, days after The Senate passed it on a party line vote, with Vice President Harris serving as emcee. The bill’s passage marked one of the most successful legislative efforts by congressional Democrats this session ahead of contentious midterm elections — and one that has looked increasingly unlikely for about a year and a half.

Last year, a larger $2 trillion spending package, known as the Build Back Better Act, stalled in Congress after running into opposition from moderate Democratic senators. After weeks of negotiations with the White House, Sen. Joe Manchin III (W.Va.) said in December that he cannot move forward with the bill.

But last month, Manchin announced that he had struck a surprise deal with Senate Majority Leader Charles E. Schumer (DN.Y.) on what would be known as the Inflation Reduction Act. Although smaller than the Build Back Better plan, the new legislation aimed to achieve many of the same goals, including spending about $370 billion on climate change and clean energy production.

Biden is expected to deliver remarks during the signing, which will be held in the State Dining Room of the White House.

According to the White House, Biden in the coming weeks will hold a cabinet meeting focused on implementing the Inflation Reduction Act, as well as travel around the country to promote the ways the new law is expected to help Americans. The White House is also planning an event on September 6 to celebrate the passage of the bill.

How the Anti-Inflation Act Could Affect You – and Change the US

The Inflation Reduction Act was coming about $370 billion to combat climate change and strengthening US energy production, using incentives for private companies to produce more renewable energy and for households to transform their energy use and consumption. The bill would also allow Medicare to negotiate the price of prescription drugs and extend health insurance subsidies for millions of Americans.

To pay for the spending, the bill would raise hundreds of billions in revenue through new tax provisions — the largest of which will fall on the nation’s largest corporations. It would also give the vastly underfunded Internal Revenue Service its largest budget increase in its history — a provision for House Minority Leader Kevin McCarthy (R-Calif.) criticized like one that would result in “an army of IRS agents to spy on your bank accounts.”

At a sign-in ceremony for the Inflation Reduction Act on Friday, House Speaker Nancy Pelosi (D-Calif.) called it “a glorious day” and noted that the bill’s passage was coming after the signing of several other key pieces of legislation from Biden. law, including one aimed at extending assistance to veterans exposed to toxic burns during their military service. She also criticized Republicans for joining in opposition to the bill and said Democrats will continue to fight for provisions that were dropped as a compromise, such as expanding Medicare and free universal kindergarten.

“This bill honors the Democrats’ promise to American families,” Pelosi said afterward, referring to the Inflation Reduction Act. “Once we pass it and the president signs it into law, we will continue to fight for more family-friendly features of the bill that are not included in this legislation. This legislation is historic, it is transformative, and it is truly a cause for celebration.”

Jeff Stein, Maxine Joselow, Rachel Roubein and John Wagner contributed to this report.

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