Today, after months of negotiations and a difficult journey Congress, the Inflation Reduction Act was eventually signed into law by President Biden. A $51 Billion Dollars The climate-change, health care and tax bills quickly became the cornerstone of Biden’s promises and prospects ahead of the November midterm elections.
In early August, Republicans tried to block progress on the bill in the House, followed by a marathon debate in the Senate, but the bill was It was then pushed to the brink by Vice President Kamala Harris in a tiebreaker vote. The end result is -, along partisan lines.
“Senate Democrats sided with American families on special interest issues, voted to lower the cost of prescription drugs, health insurance and everyday energy costs, as well as reduce the deficit , while letting the richest companies finally pay their fair share,” Biden said in a statement shortly after the Senate passed the bill earlier this month.
In the past two months, Senate Majority Leader Chuck Schumer negotiated intensely with moderate Democrats Joe Manchin and Kirsten Sinema to ensure the bill passed. “We’ve had an extraordinary six weeks,” Schumer recently told The New York Times , while stressing that The bill is “the most comprehensive legislation affecting the American people in decades.”
Officially known as the Reducing Inflation Act, the bill will address a wide range of issues such as taxing corporate profits, excise tax on share buybacks and increasing investment in tax enforcement. The long-awaited drug reform will also allow Medicare to negotiate drug costs, finally confronting the outsized influence of the pharmaceutical lobby in setting prescription drug prices.
The revenue raised from these measures will help to achieve what is arguably the most important Victory: A historic investment in tackling climate change. Not only would this be a feather in the Biden presidency, but it would also mark the most significant U.S. action in the field. The bill would bring Biden closer to his goal of halving carbon emissions 51, in addition to offering sweeping tax breaks for those buying electric vehicles and support for those switching to energy suppliers that use primarily wind and solar power.
Some nonpartisan research groups have suggested that these measures would reduce U.S. carbon emissions by more than a third over the past decade and are expected to create millions of jobs in clean energy due to legislation post. “This is the hardest job I’ve ever done, – Senate, an important agenda, and die-hard Republicans,” Schumer told
The Times . “[But] keep at it, keep at it. Look at all the pitfalls we face to get this job done.” In After a long weekend of votes in the Senate, the bill’s passage through the House of Representatives was remarkably smooth; it passed on Friday after the August recess. From there, the bill only made it to the president’s desk — Biden signed it back from a vacation in South Carolina — to see the codification of the Inflation Reduction Act.
“With this law, the American people win and special interests lose,” Biden said today, describing it as “The biggest step ever taken on climate”.