Biden Signs Inflation Act

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President Joe Biden on Tuesday signed into law a $430 billion bill that is seen as the biggest climate package in U.S. history, designed to cut domestic greenhouse gas emissions as well as lower prescription drug prices and high inflation.

At a White House event, Biden was joined by Democratic leaders including Senator Joe Manchin of West Virginia, whose support was crucial to the passage of the Inflation Reduction Act along party lines, after he blockaded much larger measures pushed by the White House.

“Joe, we never had a doubt,” Biden said of Manchin. Biden later handed Manchin the pen he used to sign the legislation.

Manchin called the legislation a “balanced bill”.

Biden used the signing to criticize Republicans. Democrats hope to capitalize on a string of legislative victories in congressional midterm elections in November and roll out inflation act ad campaigns.

“In this historic moment, Democrats sided with the American people, and every single Republican sided with the special interests,” said Biden. “Every single Republican in Congress voted against this bill.”

The legislation to fight climate change and lower prescription drug prices aim to cut domestic greenhouse gas emissions. It will also allow Medicare to negotiate lower drug prices for the elderly and ensure that corporations and the wealthy pay the taxes they owe.

By REUTERS

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