Biden Signs Inflation Reduction Act Into Law
Summary from the AllSides News Team
President Biden on Tuesday signed the Inflation Reduction Act of 2022 into law.
The Democrats' $740 billion reconciliation bill includes a wide range of provisions that aim to reduce U.S. carbon emissions by 40% by 2030, lower prescription drug prices and help the IRS close tax loopholes by establishing a 15% minimum tax on large corporations. The legislation, which was split across party lines, cleared its largest hurdle after Senate Majority Leader Chuck Schumer struck deals with Sens. Joe Manchin (D-W.Va.) and Kyrsten Sinema (D-Ariz.). Biden used the "historic moment" to further accentuate the partisan divide in Congress, arguing that "Democrats sided with the American people" while "every single Republican in Congress sided with a special interest."
Biden passing the bill into law was prominently covered across the political spectrum on Tuesday. Some reports emphasized how the bill was a "scaled-back version" of Biden's $1.75 trillion Build Back Better plan that was ultimately rejected by moderate Democrats.
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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.
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 had initially opposed a similar measure.
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