Washington — President Biden and Democratic lawmakers are gathering Tuesday at the White House to celebrate passage of the Inflation Reduction Act, the new tax, climate and health care law that Democrats hope will help propel them to victory in November’s midterm elections.
The president and Vice President Kamala Harris are speaking on the White House South Lawn to hail the enactment of the, which Mr. Biden signed last month. The White House waited until Congress returned from summer recess to hold a formal ceremony celebrating the law.
The House and Senate passed the bill along party lines. The law provides $369 billion to fund energy and climate projects aimed at reducing carbon emissions by 40% in 2030, the most significant investment fight climate change in history.
It also limits out-of-pocket drug expenses for seniors on Medicare, and allow Medicare to negotiate prescription drug prices. It sets a minimum 15% corporate tax rate for most large companies and provides $80 billion in funding to the IRS, allowing the agency to hire thousands of agents and revamp decades-old technological systems.
The Inflation Reduction Act came about after months of internal Democratic deliberations, after Sen. Joe Manchin pushed back against earlier, much larger proposals from progressives. The law’s prospects seemed on the brink of failure until Manchin reached an agreement with Senate Majority Leader Chuck Schumer.
Republicans insist the new law won’t address high inflation, arguing it will worsen the problem, if anything.
“They could not look more out of touch if they tried,” Senate Minority Leader Mitch McConnell said of Democrats’ celebration.
Government dataTuesday showed inflation in August barely slowed, and prices remain near a four-decade high. High costs for voters heading into November.