Joe Biden signed a Democratic package on health care, climate and taxes on Tuesday, hoping the leader will boost his prospects in this November's midterm elections. gave the landmark bill its final seal of approval. and celebrated it as a historic piece of legislation that will help address the climate crisis.
"With this law, the American people won and special interests lost," Biden said. "Today is further proof that America's soul is alive, America's future is bright, America's promise is real, and that it's only just begun."
By signing came four days after the House passed bill.Formally known as the Inflation Reduction Act, it was passed in an intra-party vote of 220 to 207. The bill had previously passed the Senate in her 51-50 intraparty vote, with Vice President Kamala Harris breaking the tie in an evenly split floor.
After the bill's predecessor, the Build Back Better Act, stalled in the Senate due to opposition from one of his party's centrist members, the passage of the Inflation Reduction Act put him in a position of support among Democrats. More than a year of negotiations have ended. Joe Manchin.
Senate Majority Leader Chuck Schumer spent months quietly negotiating with Manchin for a narrower spending package that resulted in the Inflation Reduction Act.
Although the Build Back Better Act was much broader in scope, Democrats still praise the climate and health care provisions included in the compromise.
The law directs his $369 billion to investing in renewable energy and reducing America's greenhouse gas emissions, the most to date to address the climate crisis. Indicates important efforts. Expertsestimatethat the bill could reduce U.S. emissions by about 40% by 2030, compared to 2005 levels, and reduce emissions by the end of 2020. We're getting closer to Biden's goal of cutting it in half.
"This bill is the biggest step forward on climate change ever," Biden said on Tuesday. "This will allow us to boldly take additional steps to meet all the climate goals we set at run time." will be able to start negotiating prices for expensive medicines, limiting out-of-pocket prescription drug costs to $2,000 per year for patients enrolled in the government's Elderly Insurance Program. Some people have disabilities. It will also ease premium increases for those getting insurance through the Affordable Care Act Marketplace, a federal program informally known as Obamacare.
The bill will be funded by a series of tax reforms expected to generate hundreds of billions of dollars in revenue for the US government. These changes include a new minimum corporate tax, a 1% excise tax on stock buybacks, and enhanced enforcement from the Internal Revenue Service for high-income households.
After the bill passed the House last Friday, Democratic leaders took to the airwaves to tout the bill's benefits,record high inflation
"We are making sure America's corporate billionaires are paying their fair share and making sure tax laws are a little more fair," said White House Press Secretary Karine Jean. . -Pierre told ABC News on Sunday. He dismisses claims by Democrats that the bill will help ease inflation and accuses it of imposing reckless spending.
“The [Democrats] response to runaway inflation is a bill that experts say will not bring inflation down in any meaningful way,” said Senate Republican leader Mitch McConnell. said earlier this month. “Democrats have proven time and time again that they don't care about middle-class family priorities.”
According to a report published by Moody's Analytics, the Democratic spending package will "moderately lower inflation over the ten-year budget period." But regardless of the bill's impact, there are some signs that inflation is cooling.
US inflation reached 8.5% annualized last month, down slightly from her 40-year high of 9.1% set in June. If inflation actually starts to slow and the Democrats are able to sell the passage of spending packages in the election campaign, it could help prevent widespread losses in the midterm elections this November. We've been ready to win the midterm elections all along. It depends on whether we get the votes. "But we know it helps American working families. That's what we're all about."
