Rebecca Shabad is a Washington-based political reporter for NBC News.
Lauren Egan is her White House reporter for NBC News, based in Washington.
Contributed by Sahil Kapur and Mike Memoli.
WASHINGTON — President Joe Biden on Tuesday signed into law a major Democratic spending bill aimed at fightingclimate changeand increasing taxes onbusinesses Expand the coverage of healthcare.
The bill, called the Inflation Reduction Act, is a major legislative achievement for Democrats ahead of the midterm elections. The bill passed both the House and Senate last week with support from all Democrats and no Republicans.
"With this law, the American people won and special interests lost," Biden said in a White House remark. "We didn't tear it down, we built it up. We didn't look back, we looked forward. And today is further proof that the soul of America is vibrant."
The president signed the bill after returning to Washington from vacation in South Carolina.He is now heading to Wilmington, Delaware for the rest of his vacation.
The bill would raise about $700 billion through corporate tax increases and savings on prescription drugs, and spend about $400 billion on clean energy and healthcare delivery. But the package fell far short of what most Democrats hoped for, with safety net items removed by Sen. D-Ariz) was stopped.
The Housepassed the bill by his 220 votes to 207 votes, with all Republicans opposing, in line with party line. Earlier in the week, the Senate passed the bill with his 51-50 vote, with Vice President Kamala Harris ending the bill in a tie.
Biden will rely on Cabinet members to tout the benefits the bill will bring to Americans as part of what White House officials described as a "coordinated August recess trip blitzkrieg."
With nine members of the Cabinet already slated to host 18 events across the country, including Tuesday, Environmental Protection Agency Commissioner Michael Reagan announced the bill at a conference in Oklahoma City. are planning to discuss
The bill features a series of provisions aimed at helping consumers,including tax credits for clean energy home products and electric vehicles, prescription Includes savings on medication and health insurance premiums.
White House officials said they were planning to hold a large "celebration" on Sept. 6 to celebrate the legislative victory.
