After almost 18 months of ups and downs, ups and downs, and premature reports of the end of domestic policy, President Joe Biden puts pen to paper and cuts inflation by $739 billion. signed the bill. He will revive his position as president, concluding a summer of legislative productivity that has energized Democrats ahead of November's midterm elections.
Biden added his signature to a comprehensive package of climate change, health care and tax reform shortly after returning from Kiawah, South Carolina. He was on vacation with his wife, children and grandchildren. The hastily arranged signing ceremony came days after the House approved the bill in a partisan vote last week.
Standing flanking Senate Majority Leader Chuck Schumer and House Majority Leader Jim Clyburn in the White House dining room, the President called the bill "one of the most important laws in history." One of his called.
"With this law, the American people won and special interests were lost," Biden said.
A Senate passed under a so-called "settlement" rule could approve a bill with just 51 votes (requiring Vice President Kamala Harris's tiebreaker) in an evenly divided Senate, The newly enacted expenditure packages are: That was a far cry from the multi-trillion-dollar Better Recovery Act that the 46th president struggled to pass for most of his first year in office, but West Virginia Sen. At the end of the day, he was unable to support such a massive cash outflow while inflation was rising to levels not seen since the 1970s.
But after secret talks with Mr. Schumer, it was Mr. Manchin who birthed and led his IRA in the Senate, and Mr. Biden's domestic plans would die and be buried after his GOP. Disappointing Republicans who believed. Members had announced they would withhold voting for a bipartisan package that boosts domestic semiconductor production if Democrats made progress on previous attempts at a settlement bill.
Mr. Manchin sat in the front row of the signing ceremony and was applauded after Mr. Schumer acknowledged that he helped ensure the bill's success.
The White House The announced signing ceremony, followed by a big ceremony on Sept. 6, is the latest legislative victory for Biden and Democrats in Congress. First gun control law in 30 years, sweeping bill to boost U.S. microchip manufacturing and make it more competitive with China, and new benefits for veterans exposed to toxic substances during military service as well
Combined with the trillion-dollar infrastructure bill Mr. Biden signed into law last year, his administration and Democratic-led congressional achievements have been praised by many historians and political commentators. surprised. A series of landmark legislation enacted in the 1960s as part of then-President Lyndon Johnson's "Great Society" agenda.
While the new law is far less than the New Deal-like package Mr. Biden and his progressive allies had been waiting for in his first year as president, Democrats believe it will make their president. Biden's advisers say he hopes to bring about enough change to make it more likely to stay in place by including a number of provisions he said were overwhelmingly popular with voters across political circles. It was passed by both the House and Senate in November.
This legislation uses a healthcare exchange established under the Affordable Care Act, a landmark healthcare act of 2010 enacted under former President Barack Obama. includes an additional two years of expanded subsidies for health insurance plans purchased with According to the White House, the extended subsidy will help about 13 million Americans by saving an average of $800 a year on health insurance premiums, and about 3 million who otherwise could not afford insurance. to support
Also, provisions of the 2004 law establishing Medicare Prescription Drug Benefits for the Elderly that prevented Medicare and Medicaid Service Centers from negotiating with pharmaceutical companies to reduce the price of prescription drugs. and restrict the elderly from going out. - Out-of-pocket prescription costs are $2,000 annually.
Also, the provision limiting the price of insulin to $35 in his monthly supply has been removed to apply to private insurers, but Medicare seniors You've come to benefit from the price cap on insulin. The White House estimates that the negotiations will allow 5 to 7 million Americans to enjoy lower prescription drug costs, but the benefit of the $2,000 annual co-payment cap could cost an estimated 50 million more. Help Medicare Recipients.
On the tax front, the new law not only brings in hundreds of billions of dollars by enacting a 15% minimum corporate tax, a signature part of Mr. Senate Democrats added a tax on stock buybacks
to the bill to supplement Arizona Senator Kirsten Cinema's insistence on maintaining the "carried interest" tax credit that the U.S. government is tackling the climate crisis. While far less ambitious in cost and scope than the discontinued Build Back Better Package, multiple independent analyzes of the new legislation show that the $369 billion directed toward investing in climate and clean energy will leave the United States alone. It was found to cut carbon emissions by just 60%
A 40% cut in greenhouse gas production prompted the United States to give Mr. Biden an incentive to reduce U.S. emissions. It will fall within the promises made last year. halved by the end of the decade.
The enactment of such broad climate change legislation would represent an important turn of events for Mr. Biden. The chances of Biden taking meaningful action on climate change as president seemed doomed to Manchin just a few weeks ago, with one of his most important industries, mining, set to join the settlement bill. It appears to have expressed support for any efforts to include a climate clause.
But the deal announced last month by Manchin and Schumer includes his $369 billion in climate-related spending, which Manchin said he agreed to, in exchange for future action on the rationalization bill. This has surprised climate activists. Permitting process for oil and gas pipeline projects.
Passing into law, opposed by Democrats in West Virginia and signed by Mr. Biden, provides tax incentives to help expand the use of renewable energy sources such as wind, solar, batteries and nuclear power. This means billions of dollars will be spent on incentives for next decade.
New legislation will support the purchase of electric vehicles, help farmers reduce agricultural emissions, and help minorities and low-income people most affected by climate and pollution. We also provide tax credits to fund community improvements.
The climate clause, now made up of US land law, will help combat the climate crisis that caused a series of disasters this summer, including devastating Kentucky floods that killed 38 people. represents a major step forward in Death; Dozens of wildfires have raged in at least 15 states, with tens of millions of Americans on dangerous heat warnings.
In a "Dear Colleague" letter to House Democrats, House Speaker Nancy Pelosi said the enactment of the Inflation Reduction Act represents a "bright day for the future of America's families and children." said to be a thing.
"As we face the climate crisis, 'Code Red for Humanity', this package will contribute to a clean energy future with the most important climate action in human history." We will push the country toward it," she said, adding that House Democrats "can." “Take particular pride in this victory,” as the “overwhelming majority” of climate change provisions came out in the House during lengthy negotiations on the Build Back Better Act.
Dr. Monas Sarphati, executive director of the Medical Society Consortium on Climate & Health, which represents him more than 70% of all physicians in the United States, said the new legislation would include "substantial It could bring a lot of profit,” he said. This could prevent nearly 4,000 deaths and her 100,000 asthma attacks each year by 2030.
However, Dr Sarfaty's group also noted that the new law would include "those who are already most vulnerable to climate change, especially low-income people, indigenous or Native Americans, people of color, or those living in rural areas." We believe we can do this through precautionary measures, legal challenges and continued activism," she said. “The consortium is working with partners to ensure that health equity is at the heart of this law and infrastructure legislation.”