On Tuesday at the White House, President Joe Biden signed a $750 billion health care, tax, and climate bill into law, marking a big triumph for his government and the Democratic Party ahead of the midterm elections.
"The American people won with this bill, while special interests lost," Biden told a group of Democratic members of Congress and administration officials.
During a signing ceremony in the State Dining Room, Biden referred to the Inflation Reduction Act as "one of the most important laws in our nation's history."
"For a time, people questioned whether any of it would occur, but we are now in a season of substance," the president continued.
In the past few months, Biden has achieved success on a number of other fronts, including the passage of a bipartisan gun reform bill, the successful elimination of al Qaeda leader Ayman al-Zawahiri.
In the past few months, Biden has achieved success on a number of other fronts, including the passage of a bipartisan gun reform bill, the successful elimination of al Qaeda leader Ayman al-Zawahiri.
Biden has previously held bill signings at the White House last week for a package that aims to increase domestic semiconductor production and a bill that increases benefits for veterans impacted by toxic burn pits in Afghanistan and Pakistan.
And during Tuesday's White House ceremony, Biden emphasized the value of what he considers to be his administration's achievements, despite being cast off when negotiations for his legislative agenda failed in the past.
The conduct accomplishes several important Biden legislative agenda items, including the largest climate investment in U.S. history and major changes to health policy by granting Medicare the authority 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, be paid for by additional taxes, notably a 15% minimum tax on major firms and a 1% tax on stock buybacks, and enhance the Internal Revenue Service's capacity to collect.
Over a 10-year period, it will earn more than $700 billion in government income, spend more than $450 billion to cut carbon emissions and extend subsidies for health insurance under the Affordable Care Act, and use the remainder of the additional revenue to decrease the deficit.
In his speech, Biden lashed out at House Republicans for voting against the law, transforming their opposition into a call to the polls.
"Every single Republican in Congress voted against this bill," he emphasized.
