According to Reuters report, on August 16, local time, US President Biden signed the " Inflation Reduction Act of 2022 ". This more than 700-page bill has a total expenditure of approximately US$430 billion and covers climate, In areas such as health insurance and tax reform, it is regarded as the largest climate package in U.S. history, aiming to reduce domestic greenhouse gas emissions, lower prescription drug prices and high inflation.
Biden signs emissions reduction bill
At an event at the White House , Democratic leaders including West Virginia Senator Joe Manchin joined Biden on the stand after Manchin blocked His support was crucial to passing the Inflation Lowering Act along party lines, following a larger push by the White House.
"We never had any doubts, Joe." Biden said of Manchin. Later, Biden also handed Manchin the pen he used to sign the legislation.
Manchin called the legislation a "balanced bill."
"In this historic moment, Democrats stand with the American people and every Republican stands with the special interests." Biden said, "Every Republican in Congress voted against this bill. .”
On the same day, the U.S. Senate Majority Leader and Democrat Chuck Schumer also attended the bill signing ceremony.
"He knows exactly when to step in and when to let the negotiations play out. He makes sure we never lose focus on climate." He said Biden knows when to step away from negotiations and let them work.
Legislation to combat climate change and lower prescription drug prices, in addition to reducing domestic greenhouse gas emissions, would allow Medicare to negotiate lower drug prices for seniors and ensure that corporations and the wealthy pay the taxes they are owed.
Democrats say it will help fight inflation by reducing the federal deficit.
Ratings agency and Independent economist agreed, but said, "The results will take years."
In addition, it is reported that Democrats hope to capitalize on a series of legislative victories in the November congressional midterm elections, Introducing the Inflation Bill.
Source: China Well-off Network
Author: Lao Ma
Editor: Liu Jia
Proofreader: Yuan Kai
Reviewer: Gong Zimo
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