President Joe Biden on Tuesday signed the sweeping health, climate, and tax legislation into law, marking a significant accomplishment for his domestic agenda and a major win for Democrats less than three months before midterm elections.
Taking advantage of some political momentum, Biden interrupted his summer vacation for the signing just days after the House approved the measure, following Senate passage by just one vote amid some political drama.
Speaking from the White House’s State Dining Room, Biden touted the Inflation Reduction Act as “further proof that the soul of America is vibrant, the future of America is bright and the promise of America is real and just beginning.”
“The American people won and the special interests lost,” he said before swiping at Republicans for their unanimous opposition to the law.
“That’s the choice we face. We can protect the already powerful or show the courage to build a future where everybody has an even shot,” Biden said.
In attendance for the ceremony were Sen. Joe Manchin, a key negotiator of the package, and Senate Majority Leader Chuck Schumer. As Democrats cheered the signing of the bill, Biden handed Sen. Joe Manchin (D-WV) the sole pen he used to sign the Inflation Reduction Act.
“I am confident this bill will endure as one of the greatest legislative feats in decades. It’ll lower costs, create millions of good paying jobs and is the boldest climate bill ever,” Schumer said during the event.
A larger celebration for the law is being planned for Sept. 6.
The Biden administration has planned a cross-country rollout campaign for the legislation, which aims to make prescription drugs and health insurance cheaper; invest in clean energy and curb climate change; raise taxes on the wealthy; and cut the deficit.
Starting this week through the end of August, Cabinet members plan to travel to 23 states, on more than 35 trips, to tout the “Inflation Reduction Act,” the White House said.
The administration also plans to roll out information online and on social media about the legislation’s impact, and to collaborate with members of Congress to host hundreds of events, the White House said.
About 1.4 million Americans who are on Medicare who usually spending more than $2000 per year on prescription drugs will see their costs capped at that amount. Overall, the White House says, there are about 50 million Americans on Medicare Part D who are eligible for that cost cap. It added that about 3.3 million Americans on Medicare who use insulin, who will benefit from the new $35 monthly price cap.
The White House also estimates about 5-7 million Americans could see their prescription drug costs decrease once Medicare begins negotiating costs.
The blitz will highlight other major legislative wins as well as part of a “Building a Better America Tour.”
NEW: Biden signs into law the Inflation Reduction Act of 2022.
The roughly $437 billion tax, climate and drug price package was a hard-fought victory that Democrats can campaign on for November’s midterm elections https://t.co/NhA1x3lOiw pic.twitter.com/XIA5zEsxl0
— Bloomberg (@business) August 16, 2022
Schumer before Biden signs the Inflation Reduction Act: "For anyone who thought Washington was broken and couldn't do big things, Democrats have shown real change is possible." pic.twitter.com/thrHyxI7WS
— Aaron Rupar (@atrupar) August 16, 2022
