Biden to sign sweeping Democrat bill to tackle climate change, cut healthcare costs
The House passed the bill 220 to 207 on Friday, days after Vice President Harris acted as a tiebreaker and the Senate narrowly passed it in a partisan vote. Passage of the bill made him one of the most successful legislative efforts by Democrats in this session ahead of the controversial midterm elections.
Last year, a massive $2 trillion spending package known as the Build Back Better Act was stalled in Congress by centrist Democratic Senators Kirsten Cinema (Arizona) and Joe Manchin III (West Virginia). because it was against The White House said in December it could not move forward with the bill.
But Mr. Manchin announced last month that he had reached a surprising agreement with Senate Majority Leader Charles E. Schumer, a Democrat, on what would later become known as the Inflation Reduction Act. Although smaller than the Build Back Better plan, the new law aimed to achieve many of the same goals, including spending about $433 billion on climate change and clean energy production.
Biden is expected to speak during the signing, which will be held in the State Dining Room of the White House.
According to the White House, in the coming weeks Biden will host a Cabinet meeting focused on implementing the anti-inflation law and travel across the country to explore the various ways the new law is expected to help Americans. will be promoted. The White House also plans to host an event on Sept. 6 to celebrate the passage of the bill.
The Inflation Reduction Act secures the largest investment in history to tackle climate change, with nearly $370 billion dedicated to curbing harmful emissions and promoting green technology. The measure is also intended to curb and lower drug costs for seniors, while avoiding higher premiums for nearly 13 million low- and middle-income Americans.
To finance spending, Democrats are relying on tax code changes. This includes new minimum tax rates for some multi-billion dollar companies that currently pay nothing to the U.S. government. The change is expected to cover the cost of the bill, along with another new tax on stock buybacks and new funding for the Internal Revenue Service to pursue tax fraud. Democrats have also said they could reduce the federal deficit by about $300 billion, but have yet to do a final fiscal analysis.
House Republicans, meanwhile, have attacked the bill as raising taxes on families, even though it does not raise individual tax rates. And in their speech they said the government would hire tens of thousands of new IRS agents to “snoop on your bank accounts, your Venmo, your small businesses, and the government will shake you every last cent.” House Minority Leader Kevin McCarthy (Republican, California) said:
At Friday’s bill registration ceremony for the Inflation Reduction Act, House Speaker Nancy Pelosi (D-California) called it a “glorious day” and the bill passed shortly after Biden signed several other important bills into law. pointed out that it was approaching The legislation also includes one aimed at expanding aid to veterans exposed to toxic burns during military service. She also criticized Republicans for uniting against the bill, saying Democrats would continue to fight for provisions dropped as compromises, such as expanded Medicare and free universal kindergartens.
“This bill honors the Democrats’ promise to American families,” Pelosi said at the time, referring to the Inflation Reduction Act. “After we pass the bill and the president signs it into law, we will continue to fight for many of the family features of the bill that are not included in this law. , and it is transformative and truly to be celebrated.”
John Wagner contributed to this report.
