Joe Biden Signs Inflation Reduction Act Into Law After Months Of Debate
President Joe Biden finally signed the Inflation Reduction Act into law on Tuesday, marking a significant win for his domestic agenda.
“With this law, the American people won and the special interests lost,” Biden said in remarks made ahead of the bill’s signing. “For a while, people doubted whether any of that was going to happen, but we are in a season of substance.”
The Inflation Reduction Act showed the American people that democracy still works in this country. pic.twitter.com/c2cck26JmT
— President Biden (@POTUS) August 17, 2022
The $750 billion bill will be signed into law by the President with midterms just a few months away, marking a significant win for Biden’s domestic agenda. It is aimed at combating climate change, investing in green energy programs and allowing Medicare to negotiate prices on prescription drugs for the first time. It also represents the largest commitment to fighting climate change by the U.S. government ever by delegating around $370 billion to the cause.
Biden’s long-sought social spending bill started out as the multi-trillion dollar Build Back Better Act before moderate Sen. Joe Manchin (D-West Virginia) blocked it back in December. After months of negotiations, Manchin and Senate Majority Leader Chuck Schumer (D-New York) reached an agreement. The bill was passed in a party-line vote of 51-50 with Vice President Kamala Harris serving as the tie-breaker. Last week, House Democrats passed Biden’s signature bill in a 220-207 vote.
“Today, too often do we confuse noise with substance,” Biden added. “Too often we confuse setbacks with defeat. Too often we hand the biggest microphones to the critics and the cynics who delight in declaring failure while those committed to making real progress do the hard work of governing. Making progress in this country, as big and complicated as ours, clearly, is not easy. It’s never been easy. But with unwavering conviction, commitment, and patience, progress does come.”