Biden signs biggest climate package in US history
U.S. President Joe Biden hands his signing pen to U.S. Senator Joe Manchin (D-WV) as Senate Majority Leader Chuck Schumer (D-NY) and U.S. House Majority Whip James Clyburn (D-SC) look on immediately after Biden signed "The Inflation Reduction Act of 2022" into law during a ceremony in the State Dining Room of the White House in Washington, U.S. August 16, 2022. REUTERS/Leah Millis
US President Joe Biden on Tuesday signed into law a $430 billion bill that is seen as the biggest climate package in US 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 passage of the Inflation Reduction Act along party lines, after he blockaded much larger measures pushed by the White House, Reuters reports.
“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. Read full story
“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 aims 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.
Democrats say it will help combat inflation by reducing the federal deficit. Rating agencies and independent economists agree but say the results will take years.
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