In a significant win for his administration and the Democratic Party ahead of the midterm elections, President Joe Biden signed a $740 billion health care, tax, and climate bill into law at the White House on Tuesday. Biden said the legislation, dubbed the Inflation Reduction Act, is “one of the most important laws of America.” He signed it in the State Dining Room.
At the White House, Biden signed sweeping health care, tax, and climate bill worth $740 billion into law — marking a major victory for the Democratic Party. Biden described the Inflation Reduction Act as one of the most significant laws of his time.#InflationReductionAct #biden pic.twitter.com/B4vfODHcZt
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He told a group of Democratic members of Congress and administration officials that the American people won with this law but lost special interests. “People suspected it would happen for a while, but now we are amidst something substantive.” In addition to the bill signing, Biden already signed a bill last week that increases domestic semiconductor production and benefits for veterans affected by toxic burn pits in Afghanistan and Iraq. It is the latest in a summer of significant legislative accomplishments for Biden.
Biden Government Significant Victories
Additionally, Biden has achieved several victories in the last few months, including the bipartisan passage of gun reform legislation, the successful execution of the mission that killed al Qaeda leader Ayman al-Zawahiri, the sending of billions of dollars of aid to Ukraine in response to Russian invasions, and the beginning of NATO membership for Finland and Sweden.
While reiterating the significance of his administration’s accomplishments during Tuesday’s White House ceremony, despite past failures in negotiations for his legislative agenda, the President stressed the importance of what he sees as his administration’s accomplishments. But unfortunately, Americans tend to confuse noise with substance these days.
Usually, tend to confuse setbacks with defeat. It is too common to give the giant microphones to critics and cynics who delight in claiming failure while those committed to real progress take on the hard work of governing,” said the President. The process of making progress in this country is clearly not easy, considering its size and complexity. There has never been an easy road. The only way to progress is with conviction, commitment, and patience.
The act accomplishes several key Biden legislative agenda items, including making significant changes to health policy and committing the largest climate investment in American history. For example, it allows Medicare to negotiate prescription drug prices for the first time and extends expiring health care subsidies for three years. In addition to cutting the deficit, the new legislation will increase revenues for the Internal Revenue Service by imposing a fifteen percent minimum tax on large corporations and a one percent tax on stock buybacks.
Reduction of Carbon Emissions and Subsidies for Healthcare Insurance
In the next ten years, over $700 billion will be raised by the government in government revenue, and over $430 billion will be spent on reducing carbon emissions and extending health insurance grants under the Affordable Care Act, while the remainder will be used to reduce the deficit. In response to congressional Republicans’ opposition to the bill, Biden offered blistering criticism in remarks on the subject.
A series of new events will take place in the coming weeks to celebrate the launch of the new law. According to the White House statement, the U.S. president will hold a Cabinet meeting to discuss the law’s implementation, spend some time traveling around the country to promote the bill’s impact and celebrate the bill’s enactment post-Labor Day. It took Democrats months to come to a consensus on a legislative package incorporating major Democratic agenda items, but they finally got a deal that got the caucus’ full support.