Biden signs $430bn climate package & inflation act into law

Biden signs climate package and inflation reduction act into law

President Joe Biden signed a $430 billion climate package into law on Tuesday, the largest in US history, with the goal of reducing domestic greenhouse gas emissions while also lowering prescription medication prices and soaring inflation.

Biden was joined at a White House event by Democratic leaders, including West Virginia Senator Joe Manchin, whose backing was critical to the passage of the Inflation Reduction Act along party lines after he blocked far greater provisions proposed by the White House.

In regards to Manchin, Biden remarked, “Joe, we never had a doubt.” Later, Biden gave Manchin the pen he had used to sign the bill.

Manchin referred to the legislation as a “balanced bill.”

Biden used the ceremony as a chance to criticize Republicans. Democrats plan to launch ad campaigns for the inflation act in November’s House midterm elections in an effort to build on their recent legislative victories.

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“In this historic moment, Democrats sided with the American people and every single Republican sided with the special interests,” said Biden. “Every single Republican in Congress voted against this bill.”

Domestic greenhouse gas emissions are to be reduced as a result of laws to combat climate change and reduce the cost of prescription drugs.

Additionally, it would enable Medicare to negotiate lower medicine costs for elderly persons and guarantee that affluent individuals and businesses pay their fair share of taxes.

According to Democrats, it will lower the government deficit, which will help fight inflation. The effects, according to independent economists and rating agencies, will take years to manifest.

Biden knew when to stay out of the discussions and let things play out, according to Senate Majority Leader Chuck Schumer, who was also present for the bill signing.

“He knew precisely when to step in and when to let negotiations play out. He knew when to use the bully pulpit and when to bring people together away from the spotlight. He made sure we never lost our focus on climate.”

Republican lawmakers criticized the bill for not doing more to reduce prices. The new bill, according to Senate Republican leader Mitch McConnell, would have the opposite effect of its intent.

“Democrats robbed Americans last year by spending our economy into record inflation. This year, their solution is to do it a second time. The partisan bill President Biden signed into law today means higher taxes, higher energy bills, and aggressive IRS audits,” he said, referring to the Internal Revenue Service.