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Biden signs sweeping climate change and healthcare bill

#Biden #signs #sweeping #climate #change #healthcare #bill

President Joe Biden signed a major climate change and health care spending bill Tuesday, giving Democrats another boost ahead of the midterm elections, in which Republicans are suddenly less certain of having their predicted crushing victory.

Dubbed the Inflation Reduction Act, the legislation was touted by the White House as the largest commitment to climate change mitigation in U.S. history and targeted long-awaited changes in drug pricing and contributed to greater fairness in the tax system, with at least a 15 percent tax for corporations.

“A nation can be transformed. It’s happening now,” Biden said in a White House speech that will likely form the basis of his campaign ahead of the November election, which is expected to see Democrats lose their tight grip on Congress.

“It’s about tomorrow. It’s about bringing progress and prosperity to American families. It’s about showing America and the American people that democracy still works in America,” Biden said.

While the sprawling bill is just a fraction of a gargantuan package that Biden originally attempted and failed to get through Congress, the fact that he was even able to sign the new version was something of a political resurrection — a surprise success that the Democrats now hope he could fuel a comeback at the ballot box in November.

Under the plan, the government will spend about $370 billion on green energy initiatives while allowing the state’s Medicare system to negotiate prescription drug prices, which is expected to sharply lower the often cut-throat prices Americans must pay.

To pay for that, the law will close tax loopholes and impose a minimum 15 percent tax on corporations, generating hundreds of billions of dollars in revenue — a measure Biden has long promised his base to make the wealthy “pay.” ” to move part of their fair share.”

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