On Tuesday, President Joe Biden signed the Inflation Reduction Act into law, declaring that the American people won, and the special interests lost with the new legislation and applauding Democratic support while criticizing Republicans for opposing it.
After a week-long vacation at Kiawah Island, South Carolina, the president returned to the White House. During an event in the White House's State Dining Room, President Joe Biden was joined by House Majority Whip Jim Clyburn and Senate Majority Leader Chuck Schumer.
Biden Signs Inflation Reduction Act Into Law
According to a summary provided by Senate Democrats, the plan, which was enacted by the Senate earlier this month and the House of Representatives last week, will cost an estimated $437 billion, with $369 billion going toward investments in Energy Security and Climate Change.
Vice President Kamala Harris gave the deciding vote in the Senate, 51-50, to allow the measure to pass, and the House followed suit a few days later. During the Tuesday event, Schumer commended President Joe Biden for his leadership and complimented his Democratic colleagues, including Sen. Joe Manchin, D-W.Va., for working together to approve the package, saying it demonstrates how devoted and tenacious our caucus is, according to Fox News.
President Joe Biden congratulated Joe Manchin, the moderate Democratic senator who defeated his earlier Build Back Better program and eventually signed on to the revised measure after months of wrangling, including a guarantee of a gas pipeline in his home state of West Virginia.
Republicans have slammed the package, alleging that it will raise taxes on middle-class Americans while doing little to help decrease spiraling costs. Biden delivered the pen he used to sign the Inflation Reduction Act - a moniker Manchin claimed he devised - to the West Virginian who had kept Washington guessing for 18 months.
Law Serves as Biden's Top Achievement
President Joe Biden returned to the White House from vacation on Tuesday to sign the bill that party leaders plucked from the jaws of defeat, only to fly back to Delaware after a brief victory lap. It ranks as one of President Joe Biden's best legislative accomplishments, and the president organized a bill signing in the White House's State Dining Room to celebrate it.
It comes as a rested Biden returns from a vacation at the house of a Democratic contributor on Kiawah Island, South Carolina, following a battle with covid and a subsequent rebound case, as per Daily Mail. The act completes so many key Joe Biden legislative agenda items, including the largest climate investment in American history and major changes to health policy, including giving Medicare the power to negotiate the prices of certain prescription drugs for the first time and extending expiring health care subsidies for three years.
The law will cut the deficit, pay for itself through additional taxes (including a 15% minimum tax on major firms and a 1% tax on stock buybacks), and improve the IRS's capacity to collect. It will produce more than $700 billion in government income over ten years, spend more than $430 billion to decrease carbon emissions and prolong health insurance subsidies under the Affordable Care Act, and use the remainder of the additional money to lower the deficit.
The law signed by President Joe Biden on Tuesday excludes key features originally suggested as part of the President's proposal, including paid family and sick leave, universal pre-kindergarten, an extension of the enhanced child tax credit, and initiatives to reduce college costs, CNN reported.
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